908-square-foot home pulls in $2,550,000

A couple years ago I met a guy that had a cottage (worth $800k) on a 10k sq ft lot. He wasn't looking to sell at the time, but was renting the place. Found out the property was zoned multi-residential so I decided to offer him $1M, thinking he would jump at the chance. He countered with $3.5M. He wanted the price as if the new multi-units were already built on the property and ready to sell.

Greedy ass people in S.F. with no common sense.
 
peilthetraveler said:
A couple years ago I met a guy that had a cottage (worth $800k) on a 10k sq ft lot. He wasn't looking to sell at the time, but was renting the place. Found out the property was zoned multi-residential so I decided to offer him $1M, thinking he would jump at the chance. He countered with $3.5M. He wanted the price as if the new multi-units were already built on the property and ready to sell.
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LOL, it is you who was being unreasonable, offering him only 200k for the optionality to tear down and build multi-unit. You low-balled him, he high-balled you. That's how it works. The time when negotiations are complete is when both parties are in equal state of pain.

PS. Anyway, a 7k empty lot in Manhattan would easily sell for 3x of that.
 
Banjo said:
Location, location, location, everything else is just noise used for bargaining chips.
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No it's Under-construction, under-construction, under-construction, everything else is just excuses.
 
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