Friday, June 12, 2009


I posted recently about a house for sale on Ebay in Garfield

According to Ebay, it looks like the seller accepted a bid half of the asking price and the parcel sold for $2,500. Still a big % above the $700 the owner bought the parcel for from HUD it looks like. But with incidental costs and taxes paid along the way it's hard to see how this was a money making operation. The question becomes then whether the new owner is just another speculator or someone looking to make an investment.

It may seem trivial, but a whole lot of policy is wrapped up in that one little sale. Foreclosures, assessments, vacancy and abatements and at the end of the day the competitiveness of the city as a place where people want to live.


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