Not Selling? Try a Price Increase!
This International Tower apartment made its debut in the Girls, Girls, Girls post as an example of this guy's competition. The featured seller has since given up the ghost, but Unit #1004 has soldiered on.
The last time we checked in, he was asking $565,000 (which seemed like a deal compared to the absurd $859,000 of #2505) but time has been unkind. Now he's asking $419,000 and has slipped into short sale territory.
700 E Ocean Blvd #1004, 90802
Asking Price: $419,000
Beds: 3
Baths: 2
Sq. Ft.: 1,260
$/Sq.Ft.: $333
Year Built: 1965
MLS#: L28059
On Redfin: 305 days
HOA Fine: $635
Down Payment: $83,800
Income Requirement: $120,000
Monthly Nut: $2,900
Description: ACCEPTING ALL OFFERS !!!Attn This is a must see!! !!!!!Coastline view!!! Well Priced!!!! , fabulous views at night!! Designer decorated throughout open and spacious with glass walls floor to ceiling and a wrap around balcony!!Complex has a pool. gym and 24hr concierge!!2 parking spcaes and extra storage unit.condo is legally a 3 bedroom but has been converted to an open 2 bed contempory space !!!Steps to the beach and walk to Restaurants and all that Downtown Long Beach has to offer !!
"spcaes"?
"contempory"?
What a loser. Seriously. 305 days on the market (technically, he's been on and off the market since 2007) and the listing agent can't be bothered to fix egregious errors that took me seconds to identify?
Pathetic.
The view is definitely panty-dropping, but the 2005 price of $690,000 was absolutely jaw-dropping. With a $635 HOA fine on top of that?! What was this dude thinking?
By the time the in-way-over-his-head loanowner got around to putting his mistake on the market, it was too late and he damn well knew it: The (woefully optimistic) listing price in November 2008 represented a guaranteed $95,000 loss before commissions.
And instead of getting ahead of the market quickly and ridding himself of this overpriced albatross, a bolus of denial was mainlined into his system and he spent the next 10 months slowly chasing the market down. I have to give him credit for the larger price cuts toward the end--it's just that they weren't nearly aggressive enough. Take a look:
Sep 11, 2009 - Price Changed $419,000
Jul 02, 2009 - Price Changed $399,000
Jan 23, 2009 - Price Changed $449,000
Jan 09, 2009 - Price Changed $529,000
Dec 11, 2008 - Price Changed $565,000
Dec 03, 2008 - Price Changed $575,000
Nov 13, 2008 - Listed $595,000
Apr 11, 2008 - Delisted
Jan 12, 2008 - Listed
Jan 11, 2008 - Delisted
Oct 15, 2007 - Listed
Jul 01, 2005 - Sold $690,000
Oct 13, 1998 - Sold $260,000
And now here we are, asking $419,000 and there’s still no discernable buyer interest. Well no fucking shit! That's 20 Grand MORE than it was listed for during the past two months--you know, when it was rejected like a stood-up prom date. What on earth makes them think potential buyers are suddenly going to view a $20,000 “Fucktard Fee” as an incentive to buy?
I’ll never understand the mentality of short sellers like this guy, who after stacking up months and even years on the MLS, decide to suddenly jack up the price. Shitty realtor? Greed? Cluelessness? Inept asset manager at the bank? All of the above? It's confounding to say the least.
Or, could it be these two very recent comps?
$470,000 700 E Ocean Blvd Unit 1606 Sold on Aug 07, 2009
0 miles 2 bd / 2 ba 1,080 Sq. Ft.
$429,000 700 E Ocean Blvd Unit 1607 Sold on Aug 04, 2009
0 miles 2 bd / 2 ba 1,040 Sq. Ft.
Those two make $419,000 seem like a bargain, no? But what about these two recent comps:
$285,000 700 E Ocean Blvd Unit 1501 Sold on Jul 06, 2009
0 miles 2 bd / 2 ba 1,080 Sq. Ft.
$312,727 700 E Ocean Blvd Unit 1502 Sold on Apr 01, 2009
0 miles 2 bd / 2 ba 1,080 Sq. Ft.
That's $106,000 and $135,000 lower than this guy's asking price! Ouch!
Anyhow, for those of you keeping score at home, the price reductions (and inexplicable price increase) add up to a total of -$271,000 and there is still absolutely no interest. With a God awful kitchen like this, I'm not surprised:
Good grief! Look at that thing!
The monster HOA taxes have proven to be quite effective buyer repellant, but the (still) rapidly imploding values must really be scaring people off. And to top it all off, that kitchen is like Kryptonite Cap'n Crunch.
The last time we checked in, he was asking $565,000 (which seemed like a deal compared to the absurd $859,000 of #2505) but time has been unkind. Now he's asking $419,000 and has slipped into short sale territory.
700 E Ocean Blvd #1004, 90802
Asking Price: $419,000
Beds: 3
Baths: 2
Sq. Ft.: 1,260
$/Sq.Ft.: $333
Year Built: 1965
MLS#: L28059
On Redfin: 305 days
HOA Fine: $635
Down Payment: $83,800
Income Requirement: $120,000
Monthly Nut: $2,900
Description: ACCEPTING ALL OFFERS !!!Attn This is a must see!! !!!!!Coastline view!!! Well Priced!!!! , fabulous views at night!! Designer decorated throughout open and spacious with glass walls floor to ceiling and a wrap around balcony!!Complex has a pool. gym and 24hr concierge!!2 parking spcaes and extra storage unit.condo is legally a 3 bedroom but has been converted to an open 2 bed contempory space !!!Steps to the beach and walk to Restaurants and all that Downtown Long Beach has to offer !!
"spcaes"?
"contempory"?
What a loser. Seriously. 305 days on the market (technically, he's been on and off the market since 2007) and the listing agent can't be bothered to fix egregious errors that took me seconds to identify?
Pathetic.
The view is definitely panty-dropping, but the 2005 price of $690,000 was absolutely jaw-dropping. With a $635 HOA fine on top of that?! What was this dude thinking?
By the time the in-way-over-his-head loanowner got around to putting his mistake on the market, it was too late and he damn well knew it: The (woefully optimistic) listing price in November 2008 represented a guaranteed $95,000 loss before commissions.
And instead of getting ahead of the market quickly and ridding himself of this overpriced albatross, a bolus of denial was mainlined into his system and he spent the next 10 months slowly chasing the market down. I have to give him credit for the larger price cuts toward the end--it's just that they weren't nearly aggressive enough. Take a look:
Sep 11, 2009 - Price Changed $419,000
Jul 02, 2009 - Price Changed $399,000
Jan 23, 2009 - Price Changed $449,000
Jan 09, 2009 - Price Changed $529,000
Dec 11, 2008 - Price Changed $565,000
Dec 03, 2008 - Price Changed $575,000
Nov 13, 2008 - Listed $595,000
Apr 11, 2008 - Delisted
Jan 12, 2008 - Listed
Jan 11, 2008 - Delisted
Oct 15, 2007 - Listed
Jul 01, 2005 - Sold $690,000
Oct 13, 1998 - Sold $260,000
And now here we are, asking $419,000 and there’s still no discernable buyer interest. Well no fucking shit! That's 20 Grand MORE than it was listed for during the past two months--you know, when it was rejected like a stood-up prom date. What on earth makes them think potential buyers are suddenly going to view a $20,000 “Fucktard Fee” as an incentive to buy?
I’ll never understand the mentality of short sellers like this guy, who after stacking up months and even years on the MLS, decide to suddenly jack up the price. Shitty realtor? Greed? Cluelessness? Inept asset manager at the bank? All of the above? It's confounding to say the least.
Or, could it be these two very recent comps?
$470,000 700 E Ocean Blvd Unit 1606 Sold on Aug 07, 2009
0 miles 2 bd / 2 ba 1,080 Sq. Ft.
$429,000 700 E Ocean Blvd Unit 1607 Sold on Aug 04, 2009
0 miles 2 bd / 2 ba 1,040 Sq. Ft.
Those two make $419,000 seem like a bargain, no? But what about these two recent comps:
$285,000 700 E Ocean Blvd Unit 1501 Sold on Jul 06, 2009
0 miles 2 bd / 2 ba 1,080 Sq. Ft.
$312,727 700 E Ocean Blvd Unit 1502 Sold on Apr 01, 2009
0 miles 2 bd / 2 ba 1,080 Sq. Ft.
That's $106,000 and $135,000 lower than this guy's asking price! Ouch!
Anyhow, for those of you keeping score at home, the price reductions (and inexplicable price increase) add up to a total of -$271,000 and there is still absolutely no interest. With a God awful kitchen like this, I'm not surprised:
Good grief! Look at that thing!
The monster HOA taxes have proven to be quite effective buyer repellant, but the (still) rapidly imploding values must really be scaring people off. And to top it all off, that kitchen is like Kryptonite Cap'n Crunch.
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