This fucking house though.

"Spanfeller is a twat" (theaspiringengineer) 04/29/2018 at 19:56 • Filed to: None

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Calling it a house might be a bit too much to be fair.

It’s in a 93m^2 plot of land and it has been on sale for at least seven years as the buildings around it developed bigger, better, and costlier it has stayed the same. If you allow me to speculate, I bet that the developers behind the multiple storey building next door asked the owners of this red house if they’d like to sell, the owners said no or quoted a price so high the developers backed down and just built their shit. Then they never realized their house has no value because it’s too small for apartments but they put it on sale anyway and are probably asking a stupid amount of money for it.

It’s in a very good street, in a very good location: technically in Lomas de Chapultepec which means that you could be expected to pay 362,000 dollars for that plot of land if average cost per meter is taken into consideration.

I saw the building permits for this tiny building hoping it’d have a hybrid or business permit, but no: it’s got the 2H permit which makes it less valuable still as one would not be able to turn it into a fancy coffee shop or Soul Cycle franchise (OH SO GENTRIFIED) “2H” means that plot of land can only have one above ground storey and can only be for housing, given the free area rules and developing guidelines you might.... might get two apartments out of it... without any amenities like a parking spot.

I’m tempted to call the owners though, and see what they ask for it... I suspect it’s something stupid like seven million pesos.... I’m suspecting these people subscribe to the “I know what I have” ideology of asset sale.

jasmits > Spanfeller is a twat 04/29/2018 at 20:01

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362,000 USD is nearly 7 million pesos so that sounds like a reasonable asking price to me

Spanfeller is a twat > jasmits 04/29/2018 at 20:04

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Yeah, but the average plot of land in this place is 8-10 times larger.... value per meter is reduced as total size decreases.

It’s literally useless. I just revised the guidelines for density in that place specifically and it’s only allowed one house! one!

If my developer senses work right, this plot of land is worth at most a quarter of a million dollars and even that is gratuitous.

Ash78, voting early and often > Spanfeller is a twat 04/29/2018 at 20:05

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“NO PELOTAS BAJAS!”

Dammit, Google Translate!

Spanfeller is a twat > Ash78, voting early and often 04/29/2018 at 20:07

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1. Buy the building
2. Turn it into a craigslist article writing training center
3.?
4. Profit

atfsgeoff > Spanfeller is a twat 04/29/2018 at 20:09

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Dat e34 tho

fintail > Spanfeller is a twat 04/29/2018 at 20:12

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I wonder if this is a story similar to the Macefield house in Seattle, where a little old lady refused to sell out to otherwise omnipotent developers who have the city in their pocket, so they just built around her:

I think she had been offered $1MM for the place, which by current Seattle standards, doesn’t sound overtly insane if it had zoning.

You guys have SoulCycle too? I suspect it might be one the last places you might actually find soul.

Spanfeller is a twat > atfsgeoff 04/29/2018 at 20:18

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Oh I love that car, and it has been there all the time.

Spanfeller is a twat > fintail 04/29/2018 at 20:24

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It’s called Siclo here.

Well, there are many cases where the next door neighbors don’t sell to developers... I mean... it’s cute and all but as wealth management its a poor decision.... one alone cannot expect to stop the development of a city. While I’m againts gentrification to a degree, I am heavily in favor of verticalization of cities and it comes at a price sometimes. We’re looking at a case where some neighbors also refused to sell to the neighbors and now they’re stuck between us to the left and the neighbors to the right who already began building. We want to make them a fair offer but we’re not a charity either.

fintail > Spanfeller is a twat 04/29/2018 at 20:35

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Nice that you too have hangouts for Stepfords. The parking lots are like a showroom of Lexus SUVs, Range Rovers, and Model X no doubt.

For development, I like verticalization in the right areas (not destroying the layout of existing residential neighborhoods), but I have no problem with an existing residents holding out for all they can. In my area anyway, developers are making obscene fortunes via dirty foreign money being parked in local real estate - let em pay up if granny is playing hardball. For the house I posted, it is in a commercial area, but not near the city center. The building/s around it are a lowrise strip mall of sorts, with a gym, clothing store, other dull stuff, not highrises housing thousands.

ranwhenparked > fintail 04/29/2018 at 20:40

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Like the casino Bob Guccione tried to build in Atlantic City.

jimz > Spanfeller is a twat 04/29/2018 at 20:43

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that happened near me too. one of the bigger hospital/healthcare systems bought most of a plot of land for an urgent care clinic and diagnostic lab building. the land was mostly open save for a couple decent houses and a few which were in need of repair. all sold out except for one guy, because he kept holding out for more and more money. eventually they said “screw it” and built around him.

6 months later, after countless times of people coming up his driveway in the middle of the night looking for the urgent care, he sold.

Spanfeller is a twat > fintail 04/29/2018 at 20:48

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Mindless building is dumb... I can agree, so is making a highrise in a low density zone... but most cases of this that I have seen are just owners trying to screw us over of as much money as they can.

Mexico city’s zoning code is strict, and it used to be quite limitative to developers in terms of density, we have a city that has grown with urban sprawl and if anything that is worse than gentrification.

The codes are more managable now, were not exactly building skyscrapers, we are moving a plot from two storeys to five as we follow the trend in this particular area.

Spanfeller is a twat > jimz 04/29/2018 at 20:58

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Funnily enough this part of the neighborhood developed because of thw National Perinatology institute that is a few blocks away

fintail > Spanfeller is a twat 04/29/2018 at 21:13

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In Seattle, a big issue is new multi-family zoning in existing neighborhoods, where developers then build apartment buildings with no parking - so the residents park on the side streets and create gridlock. No doubt a case of getting the zoning and codes you pay for. Until Seattle finally has something more than a marginal transit network, this will be an issue.

Another one is tall mcmodern boxes built in neighborhoods of smaller houses, which can look terrible. I’d wager the majority of detached Seattle housing is cottage or bungalow style, probably 80% wood, from 1900-1960. With new money comes new tastes and what passes for gentrification, and these cliched monsters can dominate the neighborhood. Somewhat akin to the “monster houses” of Vancouver 20-30 years ago, crowding their way in to pleasant old areas of more reasonably sized housing.

Spanfeller is a twat > fintail 04/29/2018 at 21:30

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I think the zoning code here for multi family units requires parking be made available? But maybe they removed the rule. But street parking is odd here.

I think eminent domain here is very tricky... so vacating residents is achieved with another hideous strategy: Taxes.
Property taxes go up based on the value of the building and the land it sits on, and it’s updated relatively often... which means some houses in Ejercito Nacional pay as much tax per meter as the huge office tower and mall Antara just a few blocks away.... It’s the same issue with catalogued houses which cant’ keep up with taxes as density goes up, but the government prohibits owners from demolishing them... and the subside for historic buildings is small if not nonexistant.

fintail > Spanfeller is a twat 04/29/2018 at 21:44

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I think parking can be waived in Seattle, which is insane - it’s forced greenie thinking in my opinion, by public sector types who’d never give up their own private cars, of course. They also often live in nice detached houses bought before prices exploded - shoebox apartment and bus or bike for you, private car and detached house for me, thank you very much.

Taxes are an issue creating a lot of whine from older people here, and I don’t have much sympathy. If lucky generation member bought a house for 50K that’s now worth 1MM, they can either cash in their winning lottery ticket, or pay the price to maintain an area where everyone wants to live. Their are senior citizen exemptions, too - my 91 year old grandmother pays very little in property tax in her house that I couldn’t afford today. Land can be a driver here too, and lot sizes are usually much smaller now - they’d put 3 houses or a big clump of townhouses on the lot where my grandma’s 1960s rambler sits today.

Spanfeller is a twat > fintail 04/29/2018 at 21:56

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I mean... I know a few people who’d rather take the BRT or the metro over their car, but I concede we live in vastly different cities and obviously if someone lives far away from a transit stop it’s kind of difficult not having a car.

I have empathy for people that live in areas that were gentrified a lot like Polanco, Napoles, and soon even Doctores will feel the wrath of gentrification; they spent their whole lives there and competing with hiked taxes is hard. Though one cannot deny cities can and must grow and change with time perhaps forcing this change upon unwilling seniors is beyond me.

I can see how some could abuse it quite a lot, we’re always finding houses of dead grandparents on sale by their grandchildren who overvalue the homes and only want to make a quick buck. It’s very annoying because they don’t really care about the building itself they just want more and more money, since sometimes they can’t agree on how much money they want the sale time increase beyond our interest. We’ve lost some good projects to to people who think a house is worth 200-400,000 dollars than it is... even with market indicators.

Eric @ opposite-lock.com > Spanfeller is a twat 04/29/2018 at 21:58

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Are housing prices in USD there? I always understood that basic housing owned by average people was bought/sold in pesos and expensive property was in USD... Or are you translating “Pesos” to “Dollars”.

Spanfeller is a twat > Eric @ opposite-lock.com 04/29/2018 at 22:01

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You’re right, only expensive buildings are sold in dollars. Price per meter quotes are a different story, within the developer community it’s quoted in dollars, but it’s turned to pesos when explained to those outside of it, in this case I found the quote in MXN and put it up in dollars for clarity.

But about the buildings..... As the MXN becomes less stable because of President Orange Barfball more and more properties are quoted in USD.

fintail > Spanfeller is a twat 04/29/2018 at 22:12

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This area just needs more transit infrastructure. They are trying, but it is slow and costly. The region squandered past opportunities to expand it, and is now paying for it, or I should say, taxpayers are feeling it.

I don’t have a ton of empathy - just as few of them likely have empathy that most of my demographic can’t afford a house within a reasonable commuting distance, and even decent condos are getting up there. At least the oldsters can walk away with a pile of cash.

It’s funny, my grandma keeps up with the value of her house, as she is astonished by it, she’s pretty sharp and I hope has many years in front of her. I hope we can keep her house in the family, but I suspect it won’t happen. Around here, heirs are the same way, they really want to cash out when the day comes. The building itself isn’t architecturally significant other than it is in very original condition, but the area has become desirable, and it is on a nice plot of land. They aren’t tearing down houses on her street for larger new builds yet, but an old farm behind her development was razed, and filled with small mcmansions.

Eric @ opposite-lock.com > Spanfeller is a twat 04/29/2018 at 22:31

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I’m surprised that the peso made the rally it did. It isn’t much below where it was the last time I was there, which means either the dollar is inflating faster than the peso or the peso has relatively stabilized.

It did spike to almost 22:1, but that was a while back now. Definitely not 2008 anymore when it was trading at 10:1, but last time I was down there everyone informally converted USD prices to MXN at 10:1, which made some things seem really cheap.

Spanfeller is a twat > Eric @ opposite-lock.com 04/29/2018 at 22:37

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It spiked to 22 after the 2016 election in the US, many experts thought it would eventually stabilize at 25 but it’s held ground remarkably... after the debate it lost 4% of value and god knows what sort of speculative rollercoaster it’s gonna go through once the presidential election is finished. Hint: not good if Obrador wins. It’s around th ehigh 18s now.....