Wikinvest Wire

McMansion foreclosure sales coming in 2010

Sunday, December 13, 2009

Via the always interesting Calculated Risk blog comes another report from Jim the Realtor on foreclosed McMansions now for sale in Southern California, what will probably be a major development next year, not only in California, but nationwide.

That third house looks a lot like the one we used to own in Ventura County - what now seems like something from a long, long time ago and far, far away (about a thousand miles).


Anonymous said...

They tried to gentrify the whole state. What works for a small area is a disaster over a large area. Not enough gentry.

The Real Deal said...

All these McMansion, 4000 sf plus, a dozen huge rooms, 4-car garage. Why do so many 'rich' people want such a huge place? A $1M place requires $1/4M to furnish it. Few has that kind of furnishing cash. Taxes, utility, what's not cost a annual bundle.

Why do they build so many of these? To live? No. To invest? No. To leverage out some quick and easy money. To gamble, ride the wave and play the next fool game. Now, they have become the fools.

Look at America economic trend - it is impossible for the McMansions to command a fool's price again for a very long time. They will join the landfill just like all those billions of throw away gadgets. A runaway throw-away culture threw away their place of living and wind up in the streets.

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