1 Million Dollars For a Crackhouse

The Gothamist reports:

A couple of years from now, after the American real estate market has utterly collapsed, we may well look back at this day as a kind of high-water mark, the spot where the insanity peaked and then rolled back. Curbed broke the story yesterday-- a crackhouse in South Williamsburg that has been flipped twice in the last six months, and is now being sold for about a million dollars. First, read the description from the broker's site:

This Williamsburg fixer-upper, built in 1910, is the perfect opportunity to tailor-design your own home; it’s also ideal for an investor (can covert into condominiums or rentals). It’s located on a great tree-lined street, one-block to the East River Waterfront in the fashionable Southside. Great shopping, bars, dining, and nightlife are within steps.

We know of no better sign of a bubble than this.One has to be quite confident to buy this one.