6 Bizarre Real Estate Opportunities
The Pedens' underground home offers roughly 20,000 square feet of space and includes 34 acres. He has added a greenhouse and an apartment unit for guests above ground. A private airstrip runs alongside the property.
Over his 16 years in this business, Peden -- who has 10 sites for sale across the country -- has seen these bases prove to be one of the few real estate investments to grow continually in value.
"These are in very limited supply, and there are not going to be many more things like this built and offered to the public. All of the missile sites now that are being decommissioned and coming offline are being imploded and destroyed because of treaty agreements. With the older sites -- and they are the bigger, more interesting ones anyway -- there is a very fixed number of these, and it's a strong asset that is growing in value. There are numerous people buying them for the tremendous investment potential they hold, and then others are really just looking forward to a safe haven, underground, nuclear-proof bunker to live in.""There is a growing fear and uncertainty in the country, and we are getting more calls and emails than ever wanting an underground structure," he says. "The earthquake in Japan and the talk of radiation in the atmosphere makes people nervous. Being underground is definitely a safe, very strong place to live." So what will that sense of security cost you? Peden says he initially sold sites for around $50,000, with only a rare few reaching close to $100,000. Today, "there is nothing under $100,000, and it's difficult to find anything under $200,000." "We find that if you put materials and labor into the refurbishment of one of these structures, the value just soars," he says. "Some that have been worked with are now selling in the million-dollar range. We have a property for $2.3 million, another one for $2.8 million. The value can just really go upward as these are cleaned up and made useful." Cold War-era bunkers aren't the only unique deal out there that the typical Realtor would be hard-pressed to showcase in the local Pennysaver. Here are some other specialty properties looking for unique buyers:
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