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Source link: http://blog.mises.org/10175/one-benefit-of-the-downturn/

One Benefit of the Downturn

June 22, 2009 by

A castle for $135K — the recent winning bid at auction. That’s $22 per square foot.

This 6200 square foot house last sold for $160K, and that was in 1995. Amazing.

Sure, the house has some issues, but that is a sweet price for seven bedrooms located in a sleepy town just 12 miles outside the Columbus, Ohio beltway.

{ 8 comments }

Jonathan Finegold Catalán June 23, 2009 at 1:07 am

Time to move. If only I could get a worthwhile price on a house here in San Diego (fortunately, the house was purchased before 2001).

Sovy Kurosei June 23, 2009 at 6:33 am

That place would make a really nice Bed & Breakfast.

Matt R. June 23, 2009 at 8:47 am

How did my relatives in Columbus miss this opportunity??? Oh, the possibilities.

whittaker June 23, 2009 at 9:34 am

Is there a link for this? Where can we find out more?

Jim Fedako June 23, 2009 at 9:50 am

whittaker,

Click the photo. It takes you to the auction site.

whittaker June 23, 2009 at 9:52 am

OK, thanks.

michael olson June 23, 2009 at 12:55 pm

any idea on the property taxes for this ‘castle’?

For 2800 and 1500 square feet on 3 1/2 acres my property taxes total $3,000 in ohio.

$6,000 square feet on an acre outside of columbus?

Jim Fedako June 23, 2009 at 4:05 pm

Michael Olson,

You can search for the property at http://www.co.delaware.oh.us. Go to the auditor’s page and then real estate.

Since property taxes are based on the appraised value, and appraised values are bsed on arms-length transaction, I would bet the new taxes are around $2500.

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