Monday, November 14, 2005

Update: 1668 Oak St NW

On October 22, 1668 Oak St NW was blogged about. It was listed at 621K. I t was just reduced to 599K. Sounds familiar.


  1. I guess I just don't see price reductions like that as very significant. Yes, it's a nice percentage, but overall, you are still pricing as if you are selling to a very elite group. People who can throw $600,000 around probably don't want to live in townhouses.

    The real changes come when this townhouse starts to be marketed to its real customers, i.e., people who want to pay $200-300K at most. Probably will happen in 4-5 years, but this might sell before then to the few remaining die-hards.

  2. "I guess I just don't see price reductions like that as very significant."

    It is very significant bc six months ago price reductions were almost unheard of. Now they are becoming common.

  3. Any price reduction is news- and a $600K home in California is not going to attract an elite buyer- but an entry level buyer in a so so area -a home that needs some work. That same buyer will probably opt for IO creative mortages- and be making a combined household income of 65K?