Amador.WhoBoughtWhat.com is reporting on a recent sale down in the lovely little town of Ione. The home at 3530 Lakeview Dr. just sold for the whopping price of $205k.
This home is a roomy 3 bedroom, 2 bath, with 1355 square feet on a 1/4 acre no less. And take a look at the size of that driveway! You can park several buses on that slab; and believe me Ione has a couple to spare.
At that price, it works about to be $151 per square foot. Man, that is almost affordable.
Traditional calculations still put this home in the hands of a household with a gross income of about $71k, which doesn't cover too many of the jobs in this area outside of working at the prison across the street. But, we're getting ever-so slowly closer to reality.
The previous owners didn't quite make it before the government started coming up with all this bail-out legislation and other programs. Just missed! It looks like Fannie Mae and Freddie Mac are going to be able to buy all of that cruddy and worthless MBS paper real soon though. Then the taxpayers will easily be able to afford picking up these losses; I say, share the wealth and spread the pain, eh? In fact, let's just add to what our grandchildren already owe on our reckless spending. No sense in someone hogging all that suffering to themselves (tongue is in cheek).
Anyway, the previous owners had picked up this gem for $309k back in April of '05 - back when gold was floating in the river apparently. I guess they hated to continue to pay for something that was getting cheaper every 24 hours, so....
1/3 off the top! Not bad. Still, I think that the new owners will discover in another year that the comps will be even less than what they paid. Maybe they can pawn it off to the OFHEO, Fannie Mae, Freddie Mac or the like in the very near future.
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