Quote:
Originally Posted by secondcurve
True. However, he only paid $185,000 for the land so the appeal doesn't have to be too great to make a nice return on his money. The homes may very appealing to lower end buyers but highly unappealing to you.
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Yes, he "only paid $185,000" for the property. But, that is the most anyone in the entire United States would pay for that property. Bear in mind that it was on the market for a very long time and that is the most that they could get. If someone willing to pay more had come along they would have taken it.
It is sort of like when you "win" a bid on Ebay. You just paid more than anyone else in the country would have paid for the same thing.