Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
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.
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.
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.
ReplyDeleteThe 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.
"I guess I just don't see price reductions like that as very significant."
ReplyDeleteIt is very significant bc six months ago price reductions were almost unheard of. Now they are becoming common.