It is sorta like how some properties can be worth a lot of money when you wouldn't think it. . . Location, location, location. For example, what would you say this little two bedroom, one bath house is worth?
It might help to know it is in Bellevue, Washington.
It's on a 5900 square foot lot. . . if that helps.
My property manager guessed between $160-$200 thou.
Would you believe it sold in May for $3.9 Million? Yup. It's the last lot in Bellevue that has lake shore access to Lake Washington that has not had a McMansion built on it. Zillow says it can accommodate a three story 6,000 square foot house. All of the rest of the houses on the same dead end street as this little shack are at least that size and are listed at $5 million and up. My girlfriend and I spotted this little house with a sold sign on it when we were in the Seattle area two weeks ago, the shrubbery all dead, and weeks grown up, all around it. We wondered what it would take to live in it, so I looked it up. As I said, "Location, location, location!"
In Obama's case, the location is oval.