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I'd Keep It A Car Wash, Just For Spite
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The land was sold for $525,000 in 1980, and the owner built a car wash and a couple of small buildings on it. It's been sold now for $25 million. That's some appreciation there. Why would someone buy a car wash for $25 million? Simple: It's across the street from the L.A. Live complex adjacent to Staples Center and the L.A. Convention Center. It's red hot real estate. There will not be a car wash on that site much longer. It's proof of the real estate corollary to "location, location, location": Buy the worst house/lot/building in the best neighborhood. Of course, in 1980, it wasn't the best neighborhood. It was kind of dead. But in 2014, downtown LA (DTLA, in hipster-ese) is THE place to be. So, $25 million. Not bad. (Los Angeles Times)
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