Thursday, December 29, 2005

UPDATE: 716 5th Street NE


The price was lowered on this property to 925K from 975K.

Original post.

Craigslist Post



Will it sell at the new price of 925K?

Nope.

9 comments:

  1. Instead of accepting a crazy mortgage, think your way out of the bad situation. Live where it's cheaper. I've been thinking this for a while. According to this article in Usatoday, I'm not the only one ;)

    http://www.usatoday.com/news/nation/2005-12-28-young-moving_x.htm

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  2. These small reductions off ridiculous asking prices seem to be the first stage of real estate denial.

    The next stage will probably involve kicking and screaming, and "it's not fair!" LOL. Oh but it is.

    Anecdotally, from Ben Jones' blog, it sounds like a lot of would be sellers are putting their houses up for rent when they can't get close to their asking price. We'll see how long that lasts.

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  3. Tom,

    Thanks for the link. More pressure on the bubble markets.

    David

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  4. Good find, David. This is really appalling. I'm sure it's a nice house, but nearly a million dollars! In that neighborhood?

    This whole thing is beginning to look more and more like the Florida land rush of the '20's. Outrageous prices, with no consideration whatever for value.

    I really do look forward to the "history" of this five years from now.

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  5. love the top hat. LMAO!

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  6. This entire 'economic expansion' has been predicated on real estate speculation, excess liquidity, debt and greed.
    Take this way- and what is left? You name it, you can have it.

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  7. anon,

    Maybe there is a bubble under his top hat. :-)

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  8. OMG "Human greed" is a commodity so common that it can be found outside Vancouver, British Columbia, Canada.
    We have mold-infested houses in the worst part of East Vancouver flipping from original price range of C$250k/C$375k to C$500k/C$1M in less than a year.

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  9. Glad to hear it Vancouver! The bigger the greed, the farther the fall. Myself, I'm waiting for Seattle/Bellingham to get creamed. So any news of NW Pacific outrageousness is all good news for me! Thanks for making my day!

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