Check out this Craigslist Listing. "This apartment is selling below appraisal. If you are purchasing any 2br for over 700K you should at least check this out to compare. It must be seen in person to capture advantages. It's a commissioned 'for sale by owner' that is mainly advertized on Craigslist and it was incorrectly posted on the MLS and realtor until now (Mar 6), it is in the process of updating. Terrible advertising and exposure to date; a total of only 6 buyers have seen the place as of Mar 5 from listing date. i.e. Days listed is not a reflection of demand."
"The owner seems convinced it is the Realtor’s fault the condo isn’t selling. He doesn’t seem to think it is the outrageous price, the views (of a brick wall) and the location (above the entrance to the new Adams Morgan parking garage – probably the noisiest spot in the entire neighborhood on a weekend evening.)" Thanks to my reader who sent this finding in.
Update: It was bought by the current owner on 2/17/2004 for 499K. It is for sale at 719K.
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Hey, I want the same drink as what this guy is drinking.
ReplyDeleteI live a block away on Wyoming and 19th, and I've been wondering who on earth was paying $800,000 to live in a glass cube one floor above one of the loudest street scene in DC.
ReplyDeleteAfter all, most people paying a $6000/month mortgage have a job that requires that they sleep at night.
Also, who wants to live in a glass box in Washington DC in the summer?
Did you see the part at the bottom that said a Mini Cooper was included? This guy must really be about ready to go bankrupt.
ReplyDeleteno I missed that. Yikes.
ReplyDeleteNot sure the mini is included--you may have to buy the parking spot as well in order to get it. Sounds like he is purposefully being fuzzy about what comes with the price tag. Allows more negotiation room?
ReplyDeleteOh, wait...watch the mini video at the bottom of his website!
Why shouldn't the mini cooper be included? The house probably bought it anyway.
ReplyDeleteI'm not sure why anyone would think this guy is going bankrupt. Even if he sells for 650k and pays the buyer's agent 20k, that would still leave him with a cool 130k in his pocket, not counting the modest equity build-up from two years of payments (15k approx?) and the return of any down-payment. The mini-cooper, assuming it is included, only constitutes a modest price cut (his used mini is worth 15k, maybe). Now, this person might have terrible financial troubles of which we are unaware (he's maxed out a 300k line of credit, etc) but that assumes facts not in evidence. There's plenty of other people to poke fun at in this market, if poking fun at people in a financial crisis is your thing. Assuming desperation on this guy's part seems to be premature schadenfreude.
ReplyDeleteHe'll probably be going bankrupt if he doesn't sell it soon, which is why the note of desperation. Unfortunately for him, he's like the monkey with its hand in the gourd: he won't let go of the huge gain, and that may cost him everything. He should cut his price now before the falling market leaves him behind.
ReplyDeleteif poking fun at people in a financial crisis is your thing
ReplyDeletePoking fun at pigs who don't want an honest job is TOTALLY my thing..hahahaha
Having been a long-time resident of the neighborhood, I will say that at 700K with, even with a mini cooper, this guy may be about 8 to 12 months behind the times.
ReplyDeleteBut I have a question for those more experienced than I: was previous sale price and appraisal information so readily available when the market took off a few years back? I can see in the frezy to buy that people may not have done as much research, but in the current climate knowing what he paid I would be more likely to offer him a "reasonable" rate of return on a $499K investment he has held for two years. I don't think that's $200K.
Just because he is trying to sell at over 700K does not mean that if he lowered to 650K he would easily sell it.
ReplyDeleteHe got it for 499K. I think he drastically overpaid then. I think he should consider himself lucky if he gets out with his money back. But that's just me.
Since when is it considered normal to throw automobiles into a real estate deal? That makes about as much sense as selling a computer and offering to throw in a block of cheese. I would assume that someone who can pinch off $800K for a condo already drives something nicer than a mini cooper anyway.
ReplyDeletewtf,
ReplyDeleteLOL! :-)
Why the hating? Sure, I'd never buy it at that price. But you guys a) don't know the situation of the guy (could be cash rich, could be old money, etc.) and b) might have someone counteroffer at a better price.
ReplyDeleteSeriously, all these speculators (that is, the ones who speculate that this guy is going to get burned) just hate. Like they all have sour grapes.
if poking fun at people in a financial crisis is your thing.
ReplyDeleteYou would have to have a heart of stone not to laugh at this fool.
I have to agree with abc- who cares what this guy makes or loses? Does your happiness depend on what the "Jones'" are doing. Get a life!
ReplyDeleteI came across a website the other day that has had quite a bit of press about it. Looks like you can sell or rent any type of property for free. I noticed that your blog was about real estate so I thought you may want to know about it. The website is
ReplyDeletewww.emongoo.com. It is free so I thought I would help get the word out. I have done a little bit of research on them....aka...Alexa and a few other things and it looks like they are getting quite a lot of traffic. Anyways the site it free and it iswww.emongoo.com, never hurts to look.
I don't believe a thing real estate agents say. I don't hate them just the tricky and unexperienced ones. Which in my opinion is most of them. Take the "no obligation market evaluation" for example, the oldest and most unoriginal term you will see advertised. Do they think people are stupid? The real definition should be, “yes I will come over to your home, tell you what it’s worth, then I will bug the hell out of you until you list it with me". In the meantime, they will send you some “awesome” fridge magnets, calendars and pencils just so you don’t forget them. I have written at length about this, I'm NOT selling anything, just a frank, real world discussion.
ReplyDeleteFsbohomz.com
He's back.
ReplyDeleteDC6237496
Asking $669k
The price has been dropped to $659k.
ReplyDeleteHe should've tried that amount in March (and left the Mini out).
He's still got a long way to go, too...maybe it would sell at $599k? Who knows. But he seems to be just chasing the market down.
I think this is the address and number:
ReplyDelete2421 18TH ST NW #203, Washington, DC 20009**
Here's something that's just as nice (I believe), for $90k cheaper...
ReplyDeleteDC6080525
2328 CHAMPLAIN ST NW #204
The mini guy is still on the market: DC6237496
ReplyDelete101 days now.
No further drop in price since 11/30. No buyers, either obviously.
He paid $499k (I think). I wonder what he'll eventually get for it?
125 days. No drop in price. No buyer.
ReplyDelete151 days.
ReplyDelete177 days
ReplyDeleteIt's been taken off the market...not sure why.
ReplyDelete