Sunday, April 09, 2006

He Dared To Dream, And Now He's Got To Flip It

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Told you a few weeks ago about the mortgage banker who bought the town of Bridgeville, CA in 2004 for $700,000 and is looking to more than double his money. There's more about him in a story by the Orange County Register (via Chicago Tribune site).

The latest development is that the town is finally up on ebay, as promised. The minimum bid is set at $1.75 million. There were no bids posted as of noon today — Day 5 of the auction. But, the auction runs until May 4, and this obviously isn't a mail-order item.

At $1.75 million, it seems like a bargain by LA standards. A whole town! You can barely get five bedrooms for that in LA. But, there's the distance... 250 miles to San Francisco and 670 miles to LA.

-- The Boy in the Big Housing Bubble/Los Angeles and Beyond