Friday, November 16, 2018

Sign of a Market Top

Wow, it's been a while since we talked about peak pricing. Long time readers know I am slow to supper but I rarely miss the meal. Here is someone making a last call.

Built in 1922 the best you can say is well maintained and quaint.   I can hit this cutie with a snowball from one of my rentals. 

So.  What's the problem?  The problem is trying to squeeze the last nickel and being left holding the bag. See the price history below.  $352 per square foot and a lot of those square feet are 6 1/2 foot ceilings.  On a small lot.  On the "low side" of the street.  If $140k was a fair price in 2012 what in the world is $360k in 2018? 

DateEventPrice
$/sqftSource
7/26/2018Price change$359,900-1.4%$352Country Life Realty
5/23/2018Listed for sale$364,900+160.6%$357Country Life Realty
1/4/2012Sold$140,000+15.7%$137Public Record
1/17/2002Sold$121,000--$119Public Record  

38 comments:

Unknown said...

$360K in 2018 is a used Maybach.

LBD said...

The chase down hill has started in some areas.

Never liked the Maybach.

Lawyerliz said...

PREV thread.
You grew.

My house went down, but I didn't intend to sell it any way
.

Lawyerliz said...

Does it come with 100 acres? Makes me sentimental. Back to ye olde craziness.

Lawyerliz said...

220k°?

Lawyerliz said...

$220k?

LBD said...

Good Morning!

24F and windy. The snow as not appeared yet.

My house isn't worth anything till I sell it.

Rob Dawg said...

Our mortgage would get us a studio apartment to rent in a poorer part of town. I think we will put up with the burdens of empty nesting.

Lawyerliz said...

Yep.

TJandTheBear said...

Trying to resurrect the prop 13 "landed gentry" debate? ;-)

LBD said...

My mortgage payment would put me on the street! :)

Lawyerliz said...

Wait a gosh darn minute. Are you notg nting

Lawyerliz said...

Are you not counting using the equity in your present house as a down payment?

LBD said...

Good Morning!

Last house for me, the family can sell if they want.

Rob Dawg said...

Thinking this is our "feet first" house as well.

Lawyerliz said...

Me too, except that at some point, we won't be able to maintain it.

LBD said...

Pay someone or I bet a property manager could do it as well.

LBD said...

Good Morning!

Might try McD's app to order drive thru today. WalMart here has more self checks the human checkers and seems to be working. On another note ordering groceries on line looks to take more labor to pull and deliver to your car then a cashier. IMO.

Firemane said...

Based on the property prices posted on this blog, my mortgage payment would cover a bus pass. (Consider it a mobile home).

LBD said...

Hence the problem for the young is matching income to home prices. Making big bucks in Silicone Valley can yield a low income after high taxes, RRE and cost of living. A 50's small 3/1/1 could easily be a Million plus or in small town it would probably be $150K. Cars, food etc. are a wash but generally taxes, insurance and services are less. Bling or smart you make the call.

LBD said...

Mc D's app was great, fast no drive thru to wait in. Quick prep time and they even know the space you are in when you get there. Amazing to this old guy and yes a bit scary.

Lawyerliz said...

But you got to eat McDonald's "food".

LBD said...

It tastes great to me, Triple cheese burger $3 and my own water. Mc Cheap and I won't gain any weight. :)

Firemane said...

A couple of local McD's have installed and begun pushing in-store self-order kiosks. You get to use a massive touch-screen computer screen to place your own order, pick up an order # (which you have to key into the computer), and eventually they bring the food to your table.

Learning curve is probably not terrible, but I own a dumb phone (actually a flip phone), and have almost no actual exposure to touch screen computers. So, I was thwarted by not intuiting that I was on scrollable screens (no scroll bar, since no mouse). There were 8 different sauce choice, but the "no sauce" option wasn't on the 4 foot tall screen, so I selected a sauce I didn't want, and then hit "next". It was a screen or two later that I managed to do an up/down motion and figured out ... "oh, it scrolls ... " (doh!)

I've gotten used to checking myself out at Walmart, even though I only shop every 2-3 weeks, so I've got a full cart. The first couple of times were shaky, but now I understand the process, and am almost as fast as somebody who scans groceries all day.

Lawyerliz said...

I never go to Walmart, except when my hub drags me.
LBD's taste buds are dead.

Unknown said...

My humble 1100sf 3/1.5 townhome is 2.5x what my 11 year old loan amount was. If I had to buy today I'd be priced out of the market. My cohorts who got a later start then me are left with some tough choices about how far to overextend themselves for the privilege of homeownership.

LBD said...

My taste may not be a s sharp as it used to be but I have a wide palate from junk food to fine dinning. Can't eat filet everyday. :)

LBD said...

LL, Did you shop a Sears? The WalMart of the era. I personally shop on line as what I want the local resellers usually don't stock. Why should I pay more for them to look it up on their computer, when I can do it for less.

TJandTheBear said...

The McD's kiosks are great -- you get to place your exact, customized order and not have to repeat it umpteen times to the clerk.

Lawyerliz said...

But you are a very nice person. Their coffee is goodish and the egg mcmuffin is quite edible.

Lawyerliz said...

Very seldom. Bedding, a sofa once, hub bought tools. Appliances.

Lawyerliz said...

When young my goal was never to have to eat at McDs or Burger King. Or ground beef.

LBD said...

Good Morning!

Fast food beef has always been the demon for the new wave vegetarians. If you eat sausage the meat is waste product worse then the low quality beef. IMO.

Shooters at it again in Chicago and Denver yesterday. I am becoming interested in any connection to being arrested by police multiple times and under psychiatric care.

Firemane said...

Red meat is not bad for you.
Fuzzy green meat is bad for you.



Firemane said...

FANG taking a beating today.
Dow down to 24,500

It will be entertaining (for about 15 seconds) as Trump pulls out the blamethrower and points it at the House for every bit of negative news that arises for the next two years.

Rob Dawg said...

The McDs app is great for now. Excellent coupons.

New post on my recent buying habits.

MKL said...

"well share. more useful information and fun activity on boston body rubs, u can find what u want
"

pakistani matrimonial rishta said...


Thanks for sharing a really very nice article i like your blog too much
custom mylar bags
E-Commerce Diversify
Roofing company