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Apple Overpays For House, Boosts Home Values Nationwide

While Steve Jobs duels with history buffs over his property in Woodside, Calif., his cohorts over at Apple don't pay much mind to real estate negotiation. Instead, they use the time-tested method of throwing money at the nearest problem. Such was the case in Maiden, N.C., the rural hamlet where Apple plans on constructing a billion-dollar data center. In the way were Donny and Cathy Fullbright, the owners of a modest ranch-style home on less than an acre and adjacent lot.

Rather than engage in the time-sink of evaluating the property, Apple plunked down $1.7M for the house. That's more than ten times the median list price in Maiden, and for a decidedly average house. Better yet, keep in mind that the Fullbrights purchased the property for just $6,000 some 34 years ago (that's $23,000 in inflation-speak). With the proceeds from Apple's foray into residential real estate investment, the family relocated to a luxe pad on 49 acres. If this is the American dream, count in every rural homeowner in America and wave goodbye to recession deals. Who knows when Apple might come a' knocking, right?
· Our $1.7million iPad: Couple sell their tiny $6,000 home to Apple after computer giant tells them: 'Name your price' [UK Daily Mail]
· Steve Jobs's House Plans Unrelated to Reality [Curbed SF]