Last week I compared an elegant mansion in Enid and a drab two-bedroom module in Spokane, both priced at $350k. In terms of proper innate value the mansion should be 20 times the price of the module. Back in 1970 the mansion would be $200k and the module would be $10k.
Here’s a higher level comparison, even more puzzling.
One of Wright’s best houses, 120 miles from SF, is now for sale at $4.2 million. It appears to be perfectly kept, with 7 beds and 6 baths. This is a house I’ve read about and salivated about.
And Sammy’s mommy’s house, also in the SF area, was valued at $4.2 million for the purposes of Sammy’s fake “bail bond”. Mommy’s house is a typical California bungalow, definitely nicer than the drab Spokane module, but still a mass-produced tract house.
In terms of proper innate value the Wright house should be 20 times Mommy’s house, not the same price.