I will let you gather your emotions after seeing the amazing beauty above. Are you okay? I know after seeing an example of architectural ingenuity for such a reasonable price you must have your cell phone in hand plastered to your ear dialing away to your real estate agent. Today we have a 941 square foot home with all the amenities a 2 bedroom/1 bath home can provide. Even though this home has been on the market for 152 days they fail to reduce the price significantly:
Price Reduced: 09/19/06 -- $449,000 to $445,000
Price Reduced: 09/25/06 -- $445,000 to $440,000
Price Reduced: 10/12/06 -- $440,000 to $435,000
Price Reduced: 11/07/06 -- $435,000 to $430,000
As you can see, they are doing the monthly housing cha-cha hoping that spring and summer will bring them their desired Wonderland price as if in a drug induced trance. This post was inspired last night because after watching a singer from Inglewood on American Idol (yes, I confess I watched the first episode) I thought what better way to honor today than produce a home from that neck of the woods. But of course this seller is asking a reasonable price right? Let us look up the previous tax sales records:
Sale History
03/24/2000: $111,000
04/14/1999: $128,411
09/19/1997: $118,500
Wow, are you telling me that properties in California can actually go down for multiple years? Besides that jaw-dropping point, this seller is delusional as only those in the California-Equity-Giant™ machine can be and is trying to make a $300,000+ killing in only 6 years. But again the real estate syndicate is pushing suicide loans to sub-prime borrowers so I wouldn’t doubt this thing actually selling. Probably won’t matter since you may not make it to see the end of your 30 year mortgage in this area. So that’s the bright side!
We salute you Inglewood for being a Real Home of Genius.
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2 Comments:
Dr.,
Another beauty! Someone else suggested you get the voiceover guy from the Bud light commercials - that would be classic. Too bad we don't have a multi million dollar PAC to fund it. As you can tell from my posts I'm a frustrated writer (bad typing and bad grammar are the yoke on my neck) but I could certainly write some copy for them on the REIC scumbags.
I've just picked up a national lender client that is not putting any "estimated" value on the appraisal requests. Sounds to me like I'm doing the second appraisal on some suspicious stuff. Anyway, I anticipate getting to go to all the choice areas (Rialto, San Bern, Compton, etc.) and picking up a few photos for all to enjoy.
What I'm interested in is the spin that the MSM will put on all the coming stories like "poor little man loses home" after he was a McDonald's asst. manager "making 95k" a year on his stated income. I'm no fan of used house salesmen or loan sharks but it takes two to tango. Keep up the great work!
Cheers!
Socalappraiser:
I enjoy your comments and insight into the market. If anything, you’re the only appraiser that I know of who frequents blogs so I welcome your knowledge in the area. Hopefully when you go to the areas you mentioned you’ll be able to report back to us on what you are seeing.
Many ask what is my credential to be posting on the housing bubble. Well I worked as a real estate agent for two years and still carry a membership. GASP! Dr. Housing Bubble is a real estate agent??? Well this was a few years ago during my undergraduate years to put myself through college and onto graduate school. So I do understand the game.
Your expertise is appreciated and I look forward to more of your insights.
Dr. H
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