Halloween Homes: A "Real" Housing Bubble & Dying To Sell
Since it’s Halloween, I thought I’d lay off scaring you all with housing data today (got a great foreclosure report to make you scream tomorrow), and share a couple of fun-house housing tidbits that came across some news wires this week:
1. Talk about a housing bubble: A haunted house in Rochester, NY, made entirely out of balloons, went on sale last Sunday. 10,000 square feet constructed entirely of 100,000 balloons. Starting price: $5,000 or best offer. The proceeds go to charity. Given the price, I guess even the balloon-made housing bubble has burst.
2. Dying to Sell: In Wexford, PA, Bob and Ricki Husick are offering anyone who buys their four-bedroom, three bath home full cash back upon their death. They’ve had the house on the market for a year, asking price now $399,000.
So the buyer gets the house now for the asking price, but when the Husicks die, they get the money back (I’m guessing no interest) AND if the buyer agrees to care for the couple in their old age (and the exact type of care wasn’t stipulated in the news blurb), then the buyer can also get a chunk of the couples’ full inheritance, which is currently valued at half a million dollars.
The couple’s Arizona retirement home is part of that inheritance, but given price drops in Arizona, I don’t know how good a deal that is. Just when you thought the housing free fall wasn’t gruesome enough.
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