How much real estate can you get for $1
Author: Joshua Dorkin • URL: http://www.biggerpockets.com/February 15th, 2006 •
Okay, we’re not going to investigate what $1 gets you, but really, how much real estate does $250k buy? Not much according to our research. There was a great post in our forums that reveals the huge discrepancies in US prices. I’ll pick out a few highlights of this thread:
Atlanta: According to GARealtor
“In the Metro Atlanta, GA area $250K will get you a 3,4 or 5 Bedroom Home in a Nice area. ”
Detroit: According to bsodders05
“In metropolitan Detroit…It will buy you a newer 1600-2000 SF SFH.”
Indianapolis: According to landchasers
“For $250k, you could buy 6 or 7 cash flowing duplexes that would generate you about $2500k/mo in net cash flow. ”
San Francisco: According to dkdk100
“In the City of San Francisco, ABSOLUTELY NOTHING.”
Washington D.C.: According to Victoria
“In dc a condo, in maryland a townhouse, or a single family but it will be old.”
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Joshua Dorkin
Charles Feldman
Ted Karsch.
Troy Schuricht
Anwell Tsai
Richard Warren
Jim Watkins
$250K can actually get you a good home in nice areas of Virginia, depending on where you want to live. For example, in Chesapeake you can get a very nice comfortable home, seeing that the average home value there is slightly above $122.
I agree with Adam,
$250K in some areas can buy a decent single family home. I saw a year ago some houses in GA for that price.
San Diego minimum is $600K; Las Vegas is $350K; Bay Area $800K; Phoneix ($150K to $350K); its pricy to live in these places but then again what do you want your life to be about? These are the fun places..remember it isnt what you pay its what you get!
EVERYBODY’S LOOKING FOR STEAK, WELL HAMBURGER SIZZLES JUST LIKE STEAK. AND WHAT IS HAMBURGER , CHOPPED STEAK. I LOOK AT THE LOWER PRICED HOUSES THAT CAN BE FIXED UP . MOST TIMES YOU GET THEM WITH NO MONEY DOWN , AT LEAST I ASK . TAKE IT FROM A REMODELER OF 35 YEARS , AND I DO THE WORK MY SELF.
As the market has slowed, I wonder how the $250,000 margin has changed. . . thoughts?