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Old 11 August 2017, 09:00 PM
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Errata Errata is offline
 
Join Date: 02 August 2005
Location: Santa Barbara, CA
Posts: 13,154
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Quote:
Originally Posted by jimmy101_again View Post
The lot all by itself might be worth a big chunk that $15 million.
True. I've seen listings worth around that where it was a tiny little cottage on a few acres of beachfront property. The cottage was an obvious tear down, and the listing was essentially for the lot rather than the house, mostly focused on pictures of the land, barely acknowledging the house. But this listing has a ton of pictures of the interior of the house.

It's not a huge lot, so you're not really going to be able to build bigger, and the house there now is perfectly adequate. Not very exciting, but you'd probably fix it by remodeling rather than rebuilding. It would probably be a challenge getting permits in a place like that to do major construction. So regardless of how valuable the land may be, more than likely the buyer would be expecting to live in some version of that house as it is now, which is not the most exciting use of $15 million I've seen.

Quote:
Originally Posted by GenYus234 View Post
Location, location, location.
You can buy a pretty awesome loft in the most desirable parts of Manhattan for $15 million. It will be smaller, but a better use of the space, and nicer. Possibly not smaller on a volume basis, since the ceilings would be more spacious.

Last edited by Errata; 11 August 2017 at 09:10 PM.
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