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Re: $30/yr land rent in Pittsburgh?? Ah, no.

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  • roy_langston1
    ... You said houses, so I looked for houses. Not rental units. A rental unit could be a basement bedroom. And $389/month is still DOUBLE the
    Message 1 of 45 , Dec 10, 2009
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      --- In LandCafe@yahoogroups.com, "Dan Sullivan"
      <pimann@...> wrote:

      > Roy, all this is irrelevant. There are rental
      > units for less than $389 in Pittsburgh,
      > Craigslist not withstanding.

      You said "houses," so I looked for houses. Not
      "rental units." A "rental unit" could be a
      basement bedroom. And $389/month is still
      DOUBLE the approximate proposed exemption.

      > Moreover, the rent of an apartment unit has to
      > do with many factors besides land value.

      You said, "houses," so houses it is. And when
      you are looking at the lowest of low-end rentals,
      land value is pretty much all there is to it.

      > The pertinent data is that there are many,
      > many sales of vacant buildable lots for
      > $300-$500 in slum areas.

      That is an unsupported claim, not "data."

      > Nobody wants to build on them, but people had
      > built on them in the past, and houses sitting
      > next to them are therefore sitting on $300 to
      > $500 parcels.

      Except that for some reason, despite being fully
      depreciated, those houses aren't for sale for
      $300-$500.

      > Those houses still have
      > maintenance costs, and still command rents.
      > Generally, they are rented to people who are
      > too poor to have computers, so there would be
      > little point in listing them on Craigslist.

      Even if that were true, which it isn't, where is
      the evidence that such properties even exist?

      > You can look wherever you want, but as long as
      > you ignore the pertinent data, i.e., land sales,
      > you are just grasping at straws. Give it a rest.

      Please indicate where these land sales data can be
      found. I would suggest that "grasping at straws"
      more accurately describes the claim of single-
      family lots in Pittsburgh yielding rent of $30/yr.

      -- Roy Langston
    • roy_langston1
      ... Of course. I personally saw a five-year-old house made worthless by a zoning change. ... Other than structures of historic value, almost none have any
      Message 45 of 45 , Dec 15, 2009
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        --- In LandCafe@yahoogroups.com, "Dan Sullivan"
        <pimann@...> wrote:

        > Depreciation formulas are generally meaningless
        > when applied to particular properties. If the
        > building is cheaply constructed, poorly
        > maintained and in a neighborhood that is
        > changing to another market use, it could be
        > worthless in ten years.

        Of course. I personally saw a five-year-old
        house made worthless by a zoning change.

        > On the other hand, there are buildings that
        > maintain significant value after centuries,
        > and that is not even counting historic value.

        Other than structures of historic value, almost
        none have any significant value after 200 years.

        -- Roy Langston
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