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It might be a popular action for people to take just before they move out. Instead of selling one house for $3M, build the duplices, sell them for a combined $
by kbob 5y ago
It might be a popular action for people to take just before they move out. Instead of selling one house for $3M, build the duplices, sell them for a combined $5-6M, and leave instead of living with the consequences.
That might happen in the really rich neighborhoods too.
- nostrademons 5y agoI half-joked on Reddit that folks in Atherton or Palo Alto might do it just to troll their neighbors. Not every rich person likes every other rich person; if you've had a rocky relationship, what better way to get even than to make your uptight neighbors live next to a bunch of ordinary people? You'd have way better liquidity too. It's hard to sell a $15M estate. It's significantly easier to sell a pair of nice duplexes, each on 1/2-acre lots with double ADUs on each. You could probably get more than $15M in total for them too, since 8 units with an Atherton zip would rent for a pretty penny.