Re:Bed Bath and Beyond Files for Bankruptcy
by sharkweek on Tuesday April 25, 2023 @04:27PM
(#35706299)
I live in Seattle. There was a house on my street that had been torn down in maybe 2013-2014, that the owner of the lot sat on for a bit (it was one guy). He spent the next five-ish years slowly building a big, new house.
I’d laugh at how long it was taking him on a week-by-week basis while taking my dog on a walk. There it is, the house that will take almost half a decade to complete.
Well he finally does, and he sells the thing for close to two million dollars.
I then go look at comps during the same time period.
Because of his snail’s pace, he ended up probably making an additional 600-700k (or about 100k+ per year) because of how long it took him to build.
Re:Bed Bath and Beyond Files for Bankruptcy
by cudgy on Wednesday April 26, 2023 @01:34PM
(#35717330)
He still likely lost money. What if this guy did this process 5 times over the 5 years (build/sell) instead of sitting on a single property, taking his time?
I’d laugh at how long it was taking him on a week-by-week basis while taking my dog on a walk. There it is, the house that will take almost half a decade to complete.
Well he finally does, and he sells the thing for close to two million dollars.
I then go look at comps during the same time period.
Because of his snail’s pace, he ended up probably making an additional 600-700k (or about 100k+ per year) because of how long it took him to build.
Jokes on me I guess!