Elephantine Greed and Vanity: UPDATE

Eagle-eyed Anonymous noticed that our Failure on Florida is back on the market.

For those of you counting at home, we've finally hit 404 days on market.

Since the original listing in April of 2008, the asking price has been reduced a whopping $15,000.

That's right. A measly 4%. That's 1% per 101 days rotting on the MLS.

The funniest part is, this schmuck paid $281,000 way back in 2003 but has somehow convinced himself that he is entitled to emerge from the housing bubble implosion with a profit of $60,000 after commissions (but before upgrade costs). What he fails to realize is that judging by the Sold price per square foot in this neighborhood ($225), the most he could hope to get in this horrific market is $220,000. He's actually going to LOSE $60,000, plus commissions, plus costs of upgrades (I think the fierce competition in this neighborhood will guarantee much bigger losses, but 60k is the bare minimum loss).

And that, of course, is assuming this seller suddenly wakes up and cuts $140,000 from his asking price. Given the track record of this delusional tour de force, what do you think the odds are of that happening?

At the risk of being derivative, I would like to quote myself from the Rip Van Winkle Fell the Hell Asleep post (that dolt is still chillin' on the MLS after 779 days, by the way):

Believe me, even years from now as condos are selling at 2001-2002 prices, these true believers will still be out there. Kind of like those Japanese soldiers stuck on remote islands, not realizing (or refusing to believe) that World War II had ended, continuing to fight the war decades after Japan's surrender. To some, denial is more addictive than the best heroin or crack that money can buy.