Saturday, May 31, 2008

A Tale of Two Cities: UPDATE III

This is the third post featuring my favorite 7th Street booger barn.



Today's post is significant because, well, I'm becoming quite an accomplished fortune-teller. As a quick recap, this snot cottage started life on the MLS in February 2008 with a laughable asking price of $310,000.

Six weeks later the price was slashed to $265,000. At the time I said:

At $160,000 it might make sense as an investment property. It would have to be torn down (or maybe the Historical Society would come down on you for trying to level this 95 year-old dumpster) and rebuilt, so you have to factor in those costs as well.

In mid-April, right on cue, the price was reduced another $40,000 (to $225,000). To their credit, they are one of the few Long Beach residents that saw the writing on the wall and priced aggressively. But it wasn't good enough.

You see, just today I received notice that the price was reduced to $215,000. What do you want to wager that the $95,000 discount from the original asking price STILL won't be enough to move this little mold holder?

P.S. Check the comments section from Wednesday's post for an interesting tidbit from FreedomCM. HUD is just warming up in the bull pen for some serious auction action, which will all but guarantee my predicition that this seller's price cuts (aka Chasing the Market Down) won't cut the mustard until the asking price is flirting with $160,000. Do you doubt the predictive powers of The Great El Bee? DO SO AT YOUR PERIL!

No comments:

Post a Comment