Let's say you're out at the track, and you see a horse that's never won a race queued up to go, dangling 99-to-1 odds. Tempting... Is this that pony's day?
But no, you probably go for the more likely 3- or 5-to-1 horse in the end.
Less than 2 weeks ago, one of those 99-to-1 horses came up for sale on the Manhattan Beach real estate market.
We called it "one of the more awkward remodels we've seen in recent years," and noted that it did not sell in 2011, when asking $925K, down to about $850K.
Now it was up at $1.275M – 50% more than it did not sell for in 2011.
But now it's 2015. And, as if you needed any more indicators that……