I guess I misspoke -- when I said "fair value" I really meant something more like "sensible value". Sure, a fmv in strict terms on a house is whatever you can get for it. On the other hand, this sort of speculative price-inflation does nobody any favors, especially the buyers themselves. Hey, maybe I'm wrong and they'll turn over the million dollar house in seven years for a mil four or six. It's possible. But I don't think it's very likely, especially with a price seemingly so far in variance with other houses in the area. A more likely scenario is the bubble will pop, prices will settle down, and they'll lose equity.

I got lazy in this heat and didn't go out to see it yet -- but I will.

One block that I think is probably undervalued is the very interesting 46th and Hazel, row houses in a very distinctive style. (Anybody familiar with architecture that can describe them?)

tmcgee