this post was submitted on 24 Dec 2023
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I don't think you can can you apply the insertion figures to calculate house prices because real estate has increased so much faster than everything else in the last two decades. To put it into perspective, I recall as a kid in the 90s, a friend living in a two story house with a pool next to the beach, and that house cost 400k - which seemed like a lot because we lived in a 3bed house on a suburban half acre block which cost under 200k.
In '89 it sold for 900k.
Oh ok. So it's about a 4M house now, maybe more.
Last sold for $2.3m a few years ago, so about $2.5m now.
I wonder if it sold for that amount purely on its own merits as a piece of real estate, or if the price was inflated at all because it's the famous Home Alone house.
That comes down to the buyer. Most of the houses on that block are north of $1.5M, with a bunch over $2m. That area is very desirable and expensive. At best the price could inflate if a motivated buyer was determined to have the house, but I don't see that reflected in the price.
I think the only house that would be worse to have is the Fast and The Furious house. Instead of people dressed as the characters and taking photos for a few months, you have riced-out straight-piped cars cruising by and parking to take photos constantly.
Yeah, I lived in a 2 bedroom apartment 1 mile from the beach in the late 90's that was $850. Now the same apartment is going for $3500. Housing prices have reached insane highs. Housing is so expensive now that it's driving people out of the cities, and people are commuting hours every day to work.