I live in one of the 'burbs' of Wiesbaden. From the twenty-odd burbs in existence around the city....it is considered one of the better-than-average neighborhoods....with net income above the general average. Yes, there are some fairly upper class people around this neighborhood of four-thousand people, and it influences housing prices.
Two houses north of my place (my wife's house really)....is a house on a corner lot....maybe 1.25 acres. It was built in the early 1960s.....two-story building with a full basement, and one-car garage. The negative to the house? A flat roof (it's begging for structural or leak issues) and the lack of any renovation since the day it was built. The positive side? It has one of the largest back-yards of any property in town. If you wanted a great garden or massive landscaping opportunity....this is five star.
The house was built by a well-to-do guy, for his wife and two kids. The two kids? The daughter married and moved an hour south of here over twenty years ago. She's in her forties today. The son immigrated to Australia back three decades ago. The husband passed on a decade ago, and the wife is in almost invalid status today.....in her late 70s. So the daughter is arranging for a sale of the old family house.
For several weeks, I've been wondering about the status, and the value attached to the house. This is the Rhine Valley area.....within ten minutes of Wiesbaden....nice neighborhood....low crime....but it's a house that would require at least 80,000 Euro of renovation and landscaping. That's roughly $100,000 dollars American.
Yesterday, the price estimate was laid out....650,000 Euro (roughly 725,000 dollars American).
It is a bit of a shock. You'd look at the house....note that it's fairly decent shape is positive but it's really a house of about 140 square meters (1,500 square feet). It's not a mansion.....nor is it big enough for more than a family of four.
There's a suggestion because of the lot.....that it might all be torn down, and a four-family condo building erected. So in this case.....the buyer would only be paying the 650,000 for the property by itself, and then pay another 40,000-odd for tearing down the house.....to erect the larger sized condo building....probably getting 250,000 Euro for a two-bedroom condo each.
As prices go....it'll only take another twelve to fifteen years before every single house in this village is priced at near a million dollars each. You just shake your head because the typical guy won't be able to afford this kind of housing.