Psst...Time to Wake Up, Sleepy Head
Well look who just woke up from their nap!
After 220 days on the market with absolutely no interest, this seller finally decided to downwardly adjust their ridiculous asking price of $325,000 to $215,000.
Address: 445 W 6th St #305, 90802
Asking Price: $215,000
Year Built: 1988
Size: 2 beds, 2 baths, 865 sq. ft.
$/Sq. Ft.: $249
HOA Fee: $235 (they didn't list it, I had to research it on my own--GREAT SALES TECHNIQUE!)
Purchase price: $78,000
Purchase date: 2/2002
MLS#: S539482
On Redfin: 221 days
Down Payment: $43,000
Monthly Payment: $1,300
Income Requirement: $61,000
Description: Super Clean condo, Very Well Maintained! 2 bedrooms & 2 bathrooms. Spacious living room with fireplace. Breakfast bar in the kitchen. Nice balcony with a great view of the city lights. Great community. Perfect for first time buyers! Submit all offers.
221 days and you only include one photo? And it's a fuzzy exterior shot taken from across the street? Dude, are you sure you're actually trying to sell this place?
Because your previous asking price of $325,000 sure didn't indicate a true desire to offload this property either.
Man, a $110,000 discount? That right there my friends is the very definition of capitulation. The question is: Will the price cut be enough to move this tiny apartment?
In a word, no.
Despite the fact that it is almost at rental parity and has reasonable income and down payment requirements, $215,000 isn't going to cut it. It's a matter of competition.
Check out these nearby 2 bed/2baths:
645 Chestnut - $185,000
535 Magnolia - $179,900
403 W 7th - $184,000
And last but not least, we have some friendly in-building competition:
445 W 6th - $180,000
This tidy little neighboring unit is undercutting Sleepy McOblivious here by 35 grand! Our seller, who I imagine is quite proud of himself for his ingenious plan to cut the price and "start a bidding war" is in for another disastrous 221 days unless he knocks off 40 Large TONIGHT.
The good news is that even if he ends up chasing the market down all the way to the bottom, he's not going to lose a dime (assuming he didn't refinance and HELOC the thing to death). He bought in 2002, before the bubble really got going in earnest, for $78,000. The total monthly nut is under $700! Dude, why are you even bothering to sell--especially in this ever-declining environment?
Actually, I'm starting to suspect he refinanced and HELOCed the thing to death.
Also, did you notice how many units are in this complex? 400! Good lord. Is that even possible?
Unless buying is substantially cheaper than renting, I can't think of one compelling reason to buy one of these apartments.
And after 200+ days on the market, it looks like nobody else can either.
After 220 days on the market with absolutely no interest, this seller finally decided to downwardly adjust their ridiculous asking price of $325,000 to $215,000.
Address: 445 W 6th St #305, 90802
Asking Price: $215,000
Year Built: 1988
Size: 2 beds, 2 baths, 865 sq. ft.
$/Sq. Ft.: $249
HOA Fee: $235 (they didn't list it, I had to research it on my own--GREAT SALES TECHNIQUE!)
Purchase price: $78,000
Purchase date: 2/2002
MLS#: S539482
On Redfin: 221 days
Down Payment: $43,000
Monthly Payment: $1,300
Income Requirement: $61,000
Description: Super Clean condo, Very Well Maintained! 2 bedrooms & 2 bathrooms. Spacious living room with fireplace. Breakfast bar in the kitchen. Nice balcony with a great view of the city lights. Great community. Perfect for first time buyers! Submit all offers.
221 days and you only include one photo? And it's a fuzzy exterior shot taken from across the street? Dude, are you sure you're actually trying to sell this place?
Because your previous asking price of $325,000 sure didn't indicate a true desire to offload this property either.
Man, a $110,000 discount? That right there my friends is the very definition of capitulation. The question is: Will the price cut be enough to move this tiny apartment?
In a word, no.
Despite the fact that it is almost at rental parity and has reasonable income and down payment requirements, $215,000 isn't going to cut it. It's a matter of competition.
Check out these nearby 2 bed/2baths:
645 Chestnut - $185,000
535 Magnolia - $179,900
403 W 7th - $184,000
And last but not least, we have some friendly in-building competition:
445 W 6th - $180,000
This tidy little neighboring unit is undercutting Sleepy McOblivious here by 35 grand! Our seller, who I imagine is quite proud of himself for his ingenious plan to cut the price and "start a bidding war" is in for another disastrous 221 days unless he knocks off 40 Large TONIGHT.
The good news is that even if he ends up chasing the market down all the way to the bottom, he's not going to lose a dime (assuming he didn't refinance and HELOC the thing to death). He bought in 2002, before the bubble really got going in earnest, for $78,000. The total monthly nut is under $700! Dude, why are you even bothering to sell--especially in this ever-declining environment?
Actually, I'm starting to suspect he refinanced and HELOCed the thing to death.
Also, did you notice how many units are in this complex? 400! Good lord. Is that even possible?
Unless buying is substantially cheaper than renting, I can't think of one compelling reason to buy one of these apartments.
And after 200+ days on the market, it looks like nobody else can either.
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