When is a Price Reduction Not a Price Reduction?

Address: 383 Obispo Ave #4, 90814
Asking Price: $1,195,000
Year Built: 1919
Size: ? beds, ? baths, 3,500 sq. ft.
$/Sq. Ft.: $341
MLS#: P663215
On Redfin: 205 days
Down Payment: $120,000
Monthly Payment: $3,200
Income Requirement: $171,000
Description: Just Reduced by $200,000 Seller wants it sold. Seller Willing to Carry up to 20%. Beautiful 4-Plex in the desirable Bluff Heights Historic District. There are three detached building on the property, a craftsman Bungalow, and two spanish style duplexes. All four units are great condition and are all leased a market rents. Major renvoations completed in 2007. Cooper plumbing, earthquake retrofits made to all foundations. There is a large two car garage and laundry room on site.

"Just Reduced by $200,000"

Mar 12, 2009 - $999,000
May 22, 2009 - Price Changed $1,195,000

Uh, no, dumbass, you just INCREASED the price by $200,000.

"Seller wants it sold."

Liar.

He most assuredly does not want it sold. Sellers who actually want to sell don't rot on the MLS for 205 days.

"renvoations"?

"Cooper" plumbing?

And why would you capitalize "Willing to Carry" but not "spanish?"

Come on, dude. You're demanding $1.2 million and that's the best listing description you could come up with? Show a little pride.

Again, when it comes to multi-unit properties, if this is such a cashflow positive golden-egg-layin'-goose, then why sell during the worst housing crash known to mankind?

Oh, and what's that in the window? Why, it's a For Rent sign, meaning this thing already has vacancies--the kryptonite of investors.

And peep the burglar bars on the rental units. Yep, real attractive.

I don't have my realtorese decoder ring handy, so I'm still unclear how many actual beds and baths are on this property.

The actual listing lists, well, nothing.

The listing description says there are three separate buildings on the property, and in the same breath says there are four units. So we'll have to assume one of duplexes is split into two units? But how many bedrooms are in the main bungalow in front?

HEY GENIUS, MAYBE THE REASON YOU HAVEN'T SOLD IN 200+ DAYS IS BECAUSE NOBODY CAN TELL WHAT THE HELL KIND OF PROPERTY YOU'RE TRYING TO SELL.

Frankly, I have no idea what the going price in LB is for multi-unit properties like this, but I don't need to in order to conclude this place is overpriced. The Days on Market say it all.

I just wanted to highlight this property because of the sheer balls on the guy for raising the price by $200,000 in the midst of this ever-worsening deflationary environment, and then claiming in the listing description that the price has actually been reduced by that amount.

Long Beach sellers, the other dumb meat.