Real Estate Bubble?

[kgtest]

Here is something interesting that happens near me. Land of 10,000 lakes and all.

500k homes being demo'd down and priced out with 5MM homes...imagine you lived in the neighborhood for 40 years, and all of a sudden 5MM homes are replacing your neighbor's 1960's ranch. I don't know who is buying these 5MM homes but apparently someone is. This entire neighborhood was/is an eventual teardown flip with developers simply removing the old structures, clearing the lake lots and pushing as big a structure as possible in its place.

 

[ExFlyBoy5]

Here is something interesting that happens near me. Land of 10,000 lakes and all.

500k homes being demo'd down and priced out with 5MM homes...imagine you lived in the neighborhood for 40 years, and all of a sudden 5MM homes are replacing your neighbor's 1960's ranch. I don't know who is buying these 5MM homes but apparently someone is. This entire neighborhood was/is an eventual teardown flip with developers simply removing the old structures, clearing the lake lots and pushing as big a structure as possible in its place.

View attachment 39792

Isn't Wazata the Beverly Hills of Minnesota? This doesn't surprise me with some of the largest corporations being HQ'd there.

From 2018:

The average adjusted gross income in this zip is a whopping $345,200, Bloomberg says

https://bringmethenews.com/life/2-of-americas-richest-zip-codes-are-in-minnesota

 

[ivinsfan]

Isn't Wazata the Beverly Hills of Minnesota? This doesn't surprise me with some of the largest corporations being HQ'd there.

From 2018:

https://bringmethenews.com/life/2-of-americas-richest-zip-codes-are-in-minnesota

You should see this area and it's lake during the Summer it's like Grand Central station on steroids . So many party bays that some of the water gets contaminated with E-coli. So much traffic it's practically grid lock.



I'm always puzzled why someone with this kind of money doesn't buy in a regular cheaper (upscale) area and then put the other several million dollars into a real lake house on a real lake where you can actually get some serenity. Go figure..