Wednesday, October 15, 2008

Missed Opportunity

Realtor dot com.Listing Price History Date Price
Apr 02, 2007 $344,000
Apr 28, 2007 $329,900
July 21, 2007 $309,000
July 21, 2008 $299,000

Gee ya think they missed the last lifeboat?
Sales History: Date Price
Jan 19, 2001 $120,000

So, this sweet deal is costing the nice owner $800/month to sit there. But that's not all. This boat anchor is also losing $3000 per month as confirmed by the lack of sales. That's a lot of real money.

I predict this and others like it will sell for less than $100,000 before we see the bottom.


Property Flopper said...

FIRST! And this time not on some odd, extra comment line.

I'm hoping vactation properties start to drop, would love to pick one up. Thus far, the ones we're interested in haven't budged.

Looking at view properties in the Mendocino area. Prices there have remained static - upper end at least.

Rob Dawg said...

The thing that gets me is that $3800/month buys you some incredible vacations. People are still confusing their goals with their strategies. This guy can walk with $100k now but because he could have walked away with $150k last year but will hang on instead and burn $50k/yr instead.

Peripheral Visionary said...

Rob, what makes you think he actually owes any less than the $299,000 he is asking?

Rob Dawg said...

San Bernardino is pretty good about recording liens. The last transaction was his 2001 purchase. Its been listed for -years- now. Nobody Helocs out when they are selling instead.

wagga said...

Seems those blokes on Wall Street are reading the Dawg. Xmas is canceled!

Property Flopper said...

Ah, it's just a 700 point day. In the old days (say, a month ago), that would be news worthy. These days though, anything less than a 500 point swing is just a flat day on the market. We need 1000 point swings to even register anymore.

Rob Dawg said...

Still 8800 plus/minus volatility.

There is a new meme forming that is very very dangerous. J6P is getting tired of this and wants "safety." That used to mean Treasuries and those debts are about to be whacked by half. Yes, half. Think about it. When 6-7% returns are required just to stay "safe" that means the current crop of 1-3% crap trades 50¢ on the dollar. The new shearing of the sheeple.

w said...


"Though the future looks brighter than the present, CAR Chief Economist Robert Kleinhenz warns: "We're not out of the woods yet."

Akubi said...

Roubini is the life of the party.

w said...

Lazy media. Since when is Roubini = Dr Doom? Faber is Dr Doom.

Akubi said...

Blame Joe the Plumber.

w said...

Joe is a meat-head.

I am a conservative. Voted for Bush, Dole, Bush, Bush. I have watched the debates and I cannot see any reason to vote for McCain. He cannot formulate coherent thoughts. He comes up with a fucking idiotic plan to bail out the most egregious borrowers with our money to support high home prices. And he picks at his opponent like a child with his meaningless jibes in a way that an esteemed Senior Senator should never act. The socialist ultra liberal sounded like the reasonable candidate. I am so confused that I think I will not vote for president because I cannot bear to vote for someone so liberal as Barak.

Cthulu help us!!

Bill in NC said...

Looking for that secure government job?

With plenty of time-off?

w said...

From the local rag:

If people have cash, buying a home isn't a problem, said Temple Schneider, a Realtor with Millennium One Realty.

"I have a lot of strong buyers who are able to make some solid purchases," she said.

Schneider added that some buyers have been strategically waiting, slapping 20 percent to 50 percent down when they see a good bargain.

"It's amazing," she said. "Almost every buyer has a minimum 20 percent down."

Every buyer? You mean both of them?

Property Flopper said...

W -

It takes a brave person to admit they voted for Bush Jr. twice. Admitting the problem is the first step. :)

Jean ValJean said...

It takes a brave person to admit they voted for Bush Jr. twice.

Well, you can be sure he won't do THAT again!