Chapter 1428 - Taking Down The First House (1/2)

Chapter 1428: Taking Down The First House

Translator: Nyoi-Bo Studio <i class="_hr">Editor: Nyoi-Bo Studio

Compared to warehouse auctions, the site of the property auction was evenwould not cease

The houses were auctioned in chronological order based on their nus The first property was an urban house in the Santa Monica city area

Such urban houses were also called condos connected by sidewalls It could also be called a row house The value of such houses was lower than that of a single bungalow Its lot was relatively small as well

The value of American houses was dependent on two factors, nas would becoe its worth based on regional development and environmental shi+fts

The house was built in the early twentieth century and has been in existence for over a hundred years Such houses were common in the United States, and after some repairs, people could move into it It was very common for the house to be older than the resident was

As the house was very old, its transaction value was relatively low Like e, and the house itself spanned 250 square meters

White Gloves pounded a few times on the table with a hammer and said, “Everyone, silence, please The auction will officially begin now Everyone who is interested please move forward and call out your bids as soon as you can The house will not wait for anyone”

“I will count to three, and once I do the bid will be taken The bidding sum must be lower than the aht with you In any case, you guys should be clear about how much money you have Do not call out a bid you can’t back”

“Alright, then The starting bid for this house is 20,000 dollars, that’s right, only 20,000 and you can take down this big house in the city center Those who are interested please come forward Very well, 21,000 once…”

Santa Monica was a vacation city Its location in California was sistaff city in Arizona The place was small, but because of the environment and climate, many wealthy people would buy a house there, and real estate was not too cheap

A house of that size for 20,000 dollars was considered cheap, however one looked at it Even if the house was a hundred years old, the price was still considered very low

That was characteristic of foreclosure properties The prices were low and there was room to make profits However, no one knew the condition of the house and had no idea if it was fit for people to stay in Hence, it was a ga to take risks

Li Du joined in the bidding “25,000 dollars!” he called out

The auctioneer pointed at hientleher? Oh, 26,000 dollars, very well, that gentleeous…”

The bidding continued and the bid for that old property had reached around 50,000

The o up to 100,000 US dollars The bidders illing to pay that ood location, proximity to transport networks, entertainment outlets, schools, and other conveniences

Because of all the advantages, although the house itself had a low starting bid because of its age, it would be able to fetch a high rental fee and a good return rate

According to the inforross rent of houses in California could generally go up to seven to nine percent

Deducting the cost price and ement expenditures, the net rate of return was still at 56 percent That was different fro market may be 23 percent, but the ratio of house price to rent was not regular

For exaeles, which was about three thousand square feet, for around 900 US dollars Its annual rent was 80,000 dollars, and the rental return rate was close to eight percent