Coffee heat rising

Wow! How long can this go on?????

Real estate prices have gone bonkers here…and they continue to bonk! Every day some new ad comes in with yet another Never-Neverland price that just BOGGLES the mind.

Check  out the latest…

THIS thing…holy mackerel. Scroll down in the data and you see the original list price was a bargain $399,000…they’ve RAISED THE PRICE by 51 grand!!!!!!!!!!

Gasp!

The Coronado district is an aging tract of houses dating from the early 20th century. Young people regard them as “quaint” and “historic.” And they’re located conveniently to downtown, to several fairly respectable schools (private and public), and to the mid-town amenities (restaurants, shopping, hospitals, office buildings, community college, cultural center, AJ’s…and the like). A-n-n-d…don’t say it too loud: the houses generally require rewiring, replumbing — both of these by guys who know how to work on antique infrastructure — and termite treatment.
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Speaking of mid-town… You, too, can live conveniently within walking distance of Chuck’s Auto Repair. Good thing: you could work a deal to leave your car parked in his fenced lot….. The house is in a highly questionable area, and note that there’s no safe place on the lot to park your car. The entire decrepit…ahem, quaint 1,000 square feet can be had for a bargain FOUR HUNDRED AND NINETY GRAND.
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Dontcha love the Day-Glo turquoise paint? No pool, no play equipment, no garage, no space for a full-sized dining table, no… You could rent an apartment that’s bigger than that and nicer than that, and not have to take care of tired-looking yard!
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Then we have this astonishment: for half a million bucks, you too can live in lovely Sunnyslope. Nevermind that Sunnyslope is a dangerous slum, where you get your entertainment by dodging bullets and where each night you’re serenaded with the cheery buzz of cop helicopters and the merry melody of ambulances and fire trucks hauling victims to the nearby hospital… Sunnyslope is dominated by biker gangs. This house backs onto a large urban high school and is about two blocks from the Arizona Canal, also known as the Bum’s Highway.
The boggle minds!
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Where are people getting the money to buy these fine palaces? And even supposing a person has no qualms about going into debt for an amount equivalent to the contents of Uncle Scrooge’s money bin, how on earth have people been persuaded to dump it into a decrepit shack in a notorious neighborhood?
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Obviously, this is an overheated market that can’t last. One of these days — in the not too distant future, I’d guess — these prices are going to come back down to earth. They may even drop to less that the houses’ pre-bubble prices. To my mind, you’d be far better off to rent until such time as that happens.
Caveat emptor!