Wednesday, December 19, 2012

They're Ba-ack!

Here's a little cabin in the sky I highlighted in 2009:

Then there's the Lazurus Long of the mountains:


Meanwhile a few blocks over we have the patient investor:

1446 Laura St
, Wrightwood, CA 92397
Price: $299,000
BEDS: 3 BATHS: 2 
SQ. FT.: 1,152 $/SQ. FT.: $260
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Today:
839 dys on market. Recent price reduction: $265k. 

This idiot started at $344k in April 2007. They'll be lucky to get 40% of that eventually.

Here's the new listing:

Price:
$205,000
Est. payment:
$918/mo
Bedrooms:31 day on Trulia
Bathrooms:2235 views
Property type:Single-Family Home
Size:1,152 sqft
Lot:5,009 sqft
Price/sqft:$178/sqft
Year built:1976
MLS/ID:IV12151813
Zip:92397
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The problem is $178/sf is still chasing the market.  SEVEN years of mispricing, trying to get out of a bad investment and they still haven't learned.

5 comments:

Cinco-X said...

RD: SEVEN years of mispricing, trying to get out of a bad investment and they still haven't learned.

If they wait long enough, it'll finally make sense to default...

wagga said...

RD: SEVEN years of mispricing, trying to get out of a bad investment and they still haven't learned.

Another seven years & he'll get Rachael...

TJandTheBear said...

Shame, cute place (and, oddly, exactly the square feet of my condo).

Rob Dawg said...

$140k and it's mine.

Thomas Stone said...

Dawg, make an offer at $140k and see what happens. Give 72 hours for a response. You might just get it. Look at 1945-1947 Schaefer rd 95472, $950k would certainly take it and $925k might.