Morning Real Estate Walkabout

Our morning walk has turned into a real estate walkabout. Back in the 1920's the Nurmi Islands were created by digging canals in swampland and creating the islands with the spoil. There are 16 of them, mostly private residential with some condos and a few remaining seasonal apartment buildings. Today, of course, permits would never be issued for this type of development. The land, all waterfront, is very valuable. The real estate game is to buy older homes, tear them down and replace them with Mac Mansions. Its easy to identify those owners who are just waiting for an offer. Older homes that are not maintained. Eventually they will be sold for an absurdly high price and the bulldozer moves in. The huge, almost gross overbuilt, homes that replace them are worth many millions. The property taxes run in most cases over $100,000. This goes on even in a real estate collaspe because of the ocean access waterfronts which can never be replicated. Makes an intersting morning walk.