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Sold on 03/15/10 for $592,500 After seven months trying to get $729,000 for a self-proclaimed "fixer," this dipshit lost his house to the bank in in November 2009. Notably, the bank took it back at auction for $603,500 . Remember, the house sold for a mere $225,000 in '93, meaning instead of building 17 years of equity this reckless fool racheted up nearly $400,000 in HELOCs and second mortages! Anyhow, the bank threw it on the MLS in December and finally sold this month for a $10,000 loss, plus about $36,000 in commissions, and however much was spent sprucing it up (not much by the looks of things). There could have been much more than $600,000 in loans against this thing, but without that information it seems like Joe and Jane Taxpayer dodged a bullet on this one. It could have been much worse. ++++++++++++++++++++++++++++++++++ For a small piece of paper it carries a lot of weight, Oh, that mean, mean, mean, mean, mean green. Almighty Dollar! Talkin' bout, talkin

In the past few weeks I've been showing many houses to my buyers. None of them have houses to sell, several are cash buyers, and overall sellers and their agents should be very pleased to see them coming. But over and over again, whether it's waterfront or investment or first time home-buyer-type properties, we are running into issues. The main issue is foreclosures - yes, here in Central New York! It wouldn't appear as if they are out there, but homesellers apparently don't like to tell their agents that they've gotten into trouble until it's almost too late. The agents believe they are doing their best, but when the possibility of an offer gets real, the sellers then tell the agents about their dilemma. And everything just stops. I was reading a Realtor journal that talked about agents making sure they have the financial discussion with their clients. It suggested probing deeply, because it is difficult for owners to admit that there is an issue. I reme

Not sure if you remember this dump from October 2009, but it turns out just a month after my post a flipper swooped it up from the bank for $225,000 (the lender ate a $200,000 loss on that one). As crusty as it was, $225,000 was a pretty good deal (in October I said I thought $250,000 penciled out). And like most sales so close to downtown, it represents a 2002 price. Anyhow, this flipper, instead of taking a shitty property, sprucing it up, and extracting a reasonable profit, has turned out to be just another gluttonous pig with his greedy, money-grubbing snout buried deep in the quick-money trough. After slapping on some paint, pergo floors, and cheap carpeting, he dumped it on the market with a $114,000 built-in profit. $114,000! What a jackass. Let's see...community laundry, only one parking spot, and located all the way the hell down on Esperanza? For $339,000 ?! The average price per square foot in this neighborhood is $274 and he's asking $355? What the fuck for? Fa

Recently there have been two articles about well-known properties in Skaneateles. They exist just a short walk from each other, and each can be seen from the other's windows, I believe. But their news is so very different. The Old Stone Mill was revealed to be in foreclosure on Friday in the Post-Standard. The developer/owner was unable to meet his creditors' demands of 2.8 million dollars. The gorgeous renovation he had started, having purchsed the building for just over half a million, was stopped and the Old Stone Mill's future is left in the hands of a bank. The auction won't be before June, the paper reported. My guess is the place will sit again, just as it did for years before. Hopefully this time the developer/bank won't let the pigeons in to roost. Down Genesee and around the corner to West Lake Street, then up the bit of hill is the second property featured, this time in Sunday's paper. Adam Weitsman's gorgeous "remodel" of Ginley

I rarely push my listings through my blog, preferring quietly to mention them and then go on. But this one is different, and I wanted to get the message out because it seems to pull together some loose ends. Last week I did an open house on West Lake Road and wrote about the staging of Lorrie White. The house had sold to the first couple who came through after it was staged, causing much excitement. My listing at 109 Snowberry needed no staging because the owners, as one agent who saw it recently said, "took the time to present the house beautifully and made it a pleasure to show." And it is - they even went so far as to replace the old formica counters with granite that gleams! However, as lovely as it was - uncluttered, tastefully decorated, minimally furnished - the basement eluded them. It was practically finished to accomodate a relative who then chose not to live there. It was neither an in-law apartment, a gym, a play area or an office. It was more a repository

"For all the sad words of tongue and pen, the saddest are these: 'It might have been!'" Whittier's words ring true, well over a century later. SU lost last night to a better Butler team. (Butler? Yes, them and their coach who wasn't even BORN when Boeheim began coaching!) They committed fewer errors and hadn't lost since december of 2009. (Butler, who plays where The Hoosiers was filmed - that Butler.) The photos in the paper today of Wes Johnson with his shirt covering his face, the description of AO and others sobbing. What might have been..... In a year of upsets, SU was upset instead of being the "upsetter." That should have been left to the Big Red, aka Cornell, that team without scholarships and with a lot of brains. They tried - Bob said to wake him up if they got close in the second half and they came within 6 points, but Kentucky swatted them away. Kentucky - who beat SU...etc. etc. There in the first game at the Dome, the game

By way of Jim the Realtor's excellent blog , the California First-Time Homebuyer tax credit has been extended. For about a month, if buyers time things perfectly, they may be able to "double-dip" and receive both tax credits. From the WSJ : Tuesday, we told you that the (financially troubled) state of California is poised to offer home buyers up to $10,000 to get off the fence and to the dotted line. The $200 million program, split between first-time buyers of existing homes and new units , should keep the Golden State’s sales moving along post spring-selling season. But, it might not get off to a peaceful start on May 1: Get ready for a stampede early on as some buyers rush to overlap with the federal tax credit that’s dangling as much as $8,000 to buyers. (Yes, that’s up to $18,000 for buying a house.) For the federal incentive, contracts must be inked by April 30, while closings have to happen by June 30. The California credit covers closings on existing or new homes o

It's basketball day in Central New York - but I'll stick to real estate in this blog! There are currently 2,026 active listings in Onondaga County. In the Town of Skaneateles, there are 104 and in the Village there are 27. Five "new" listings have come on, but in each case they are re-lists of homes that hadn't sold and had either expired, or the deal had fallen through. Some dropped their price (which makes sense) and one raised it. Two homes in the mid-$200,000 range were marked contingent. Both had been on the market starting in the $300,000 range a while back and now have found buyers. Both are listed under their assessed value - take note! Two homes closed, bringing the number of sold homes so far this year to seven. The good news is that they closed within 10% of their list price. One was on for a short time, the other had been there a bit. I looked again at the number of homes over $400,000 to close in Onondaga County so far this year. It's ri

2662 East 2ND St Unit G2, Long Beach, 90803 Asking Price: $399,000 Beds: 2 Baths: 1.75 Sq. Ft.: 1,292 $/Sq. Ft.: $309 Year Built: 1966 MLS#: P727352 On Redfin: 2 days HOA: $213 Down Payment: $80,000 Income Requirement: $114,000 Monthly Nut: $2,300 Description: Look no further! You have found one of the nicest and most spacious 2 bedrooms PLUS office currently available in Bluff Park. This END UNIT boasts gleaming hardwood floors, plantation shutters, a formal dining area, a huge remodeled eat-in kitchen with amazing storage and counterspace, a large guest room, updated guest bath with spa-like feel, oversized master bedroom with a dressing area and remodeled bath, french door enclosed sunny office area, and an in unit stackable WASHER/DRYER. Finally, no community laundry!!! The condo also comes with an oversized parking space and additional storage above the space in the garage. One of the nicest and well maintained buildings in Bluff Park or Belmont Heights you will show. Just a pleas

I had the privilege this weekend of holding open a house in Skaneateles that I knew and loved. It had been on the market for a while (a ranch, mid-$200,000s), and now was being handled by a RE/MAX agent from the east side. When I saw that she had the listing, I e-mailed congratulations to her and suggested that if she wanted someone local to hold it open or show it, I would be interested. The owners and the agent, Marie Henry, gave me that chance on Sunday. I heard that it was being staged and painted, so I went in late last week to see it. I'd always loved its lines - very contemporary, tons of hardwoods, an immense stone fireplace, and beams and more beams. I had heard that when the owners first listed it they had their Stickley mission furniture in the house. I had only seen it vacant and then later with tenants. I was eager to see what they had accomplished. I got through the door and immediately reached for my cell phone. It was lovely! I called Marie and told her how

5576 East VESUVIAN Walk, Long Beach, CA 90803 Asking Price: $799,000 Beds: 2 Baths: 1.25 Sq. Ft.: 1,200 $/Sq. Ft.: $666 Lot Size: 2,400 Sq. Ft. Year Built: 1957 MLS#: P719642 On Redfin: 53 days Down Payment: $160,000 Monthly Nut: $4,300 Income Requirement: $200,000 Description: The Opdahl Residence, 1957 by Edward A. Killingsworth, FAIA. With the use of two 18 ft. tall redwood walls at the setback lines on both sides of the property, Killingsworth skillfully created an oasis of privacy for the glass walled structure, reflecting pond & peaceful gardens within. Considered by the architect to be his most important work, the house stands as a prototype for building with limited space, & as one of the purest, most sophisticated examples of mid-century modern architecture. As the SoCal chapter of AIA noted in it's [SIC] honor award, 'there is poetry in it's [SIC] restrained vocabulary of material and form-a precise artistry'. Winner of eight prestigious architectura

6700 East Bay Shore Walk The price was "$3,800,000" and changed to "$3,400,000" You've been on the market for 853 days, dumbass. Don't you think it's a little late for price reductions? This overpriced turd has been festering on the market since August of 2007. 2007! ++++++++++++++++++++++++++++++++++++ I have some updates on two incredibly overpriced properties featured in one of the very first Long Beach Housing Blog posts. In January 2008, 1724 Bluff Pl in Alamitos Beach was asking a jaw-dropping $4,500,000. Mind you, the place was only half-built at the time. What a dickhead. Now, an excruciating 17 months later, the price has been reduced by $2,500,000 . Just like that. TWO AND A HALF MILLION! Doesn't that just piss you off? This seller was so greedy, so arrogant, and had such disdain for his potential buyers that last year he insisted this not-even-completed monstrosity was "worth" $4.5 mil--only we find out he never really believed

Wow. I almost forgot about this dummy. Click here for the entire saga. This derelict dojo has been on the market since August 2007. And after dicking around for nearly three years with pie-in-the-sky pricing strategies and minuscule, utterly pointless price cuts (nicks, more like), it appears this seller has finally thrown in the towel. After starting at a certifiably WTF price of $3,250,000 , they are now asking a mere $999,000 . Dude, that's approaching the land value of the double-lot! That's nuts. And now it's a short sale. Good lord. Holding out for the imaginary, unearned bubble riches you so clearly "deserved" didn't work out too well, did it? The bank must be shitting its pants. If they can't get a short sale going, what the hell are they going to do with it when they foreclose and take it back? Seriously. This property is so ugly, odd, and, frankly, embarrassing , that the bank knows it will be extremely difficult to sell with anything other than

The sunshine is just pouring in and the NCAAs are about to begin - Spring has Sprung! There are currently 2,021 listings in all of Onondaga County. So far 432 homes have sold, as compared with 441 last year by this date. As I started to explore last week, only 3 homes above the $400,000 list price have sold so far. This compares with 15 homes last year, of which 6 were in Skaneateles. So while the number of homes hasn't changed appreciably, certainly the price of homes has - so far! In Skaneateles there are currently 105 homes listed as active in the "town" of Skaneateles and 27 in the village. I put "town" in parenthesis because any home that touches on Skaneateles in any way - not physically, but perhaps with a view of the lake or simply in the general vicinity, gets put into the town classification. It could be in another county - Cayuga, Cortland - but still show up in Skaneateles. Why not? This helps agents to search - and we are aware this happens.

The price was "$999,000" and changed to "$950,000" That was fast. And pointless. +++++++++++++++++++++++++++++++++++++++++ Actually, RE in the LBC's 400th post was last Thursday but I lost track amidst all of the travel. Either way, 400 posts is a massive milestone, an achievement I'm very proud of. That big, solid number provides some perspective as far as the time, effort, discipline, and commitment put into this blog over the last two years. And the insight, humor, and loyalty my dear readers -- the reason I comb through the MLS each week looking for gems (rare), examples of greed run amok (quite common), and sheer delusion (absolutely everywhere) -- have shown me as well. For me it's been a great creative outlet and educational as well -- I hope you feel the same. Thank you for stopping by, and especially thank you for commenting and sending in new finds. But I have to be perfectly honest and say I seriously doubt this blog will make it to 500 posts.

By way of Calculated Risk : Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments. By Alana Semuels, March 17, 2010 Wynn Bloch has always dutifully paid her bills and socked away money for retirement. But in December she defaulted on the mortgage on her Palm Desert home, even though she could afford the payments. Bloch paid $385,000 for the two-bedroom in 2006, when prices were still surging. Comparable homes are now selling in the low-$200,000s. At 66, the retired psychologist doubted she'd see her investment rebound in her lifetime. Plus, she said she was duped into an expensive loan [EB: "DUPED"? RIGHT. HEY, WHATEVER IT TAKES TO JUSTIFY YOUR ACTIONS IN YOUR OWN MIND] . The way she sees it, big banks that helped fuel the mess all got bailouts while small fry like her are left holding the bag. No more. "There was not a chance that house was ever going to be worth anywhere near what

Unless you're from this area or read the local papers, you probably haven't heard about the local school board president who faced very angry parents on Monday evening. She listened to their complaints and shouts and endured their threats, sometimes physical, while the board debated closing schools in Liverpool. After the board brought in their unanimous decision, she slumped over and passed away shortly thereafter. I remember my days teaching, and even though I taught children who were diagnosed as severely emotionally disturbed and behavior disordered, their threats and anger did not affect me as much as the adults around me. Their parents - not a single one - ever spoke to me harshly. Some of the adults around me in the school were not as kind, to each other or to their students. They would have been the parents out of control at the school board meeting on Monday. I genuinely treasure the civility I meet with in real estate on a daily basis. I appreciate the post off

Happy St. Patrick's Day! The price was "$610,000" and changed to "$599,999" We're officially below what he paid in September 2008 -- just a scant year and a half ago. After commissions, this will represent a $37,000 loss. And that's assuming this piss-ant price reduction garners a sale. The bottom was in 2008 ? HORSESHIT. +++++++++++++++++++++++++++++++++++++ Welcome Patrick.net readers! And thanks Anon for sending this property in. 309 ARGONNE Ave, CA 90814 Wishing Price: $610,000 Beds: 2 Baths: 1 Sq. Ft.: 883 $/Sq. Ft.: $691 Lot Size: 2,520 Sq. Ft. Year Built: 1923 MLS#: P720288 On Redfin: 26 days Down Payment: $122,000 (20% down)/ $24,000 (FHA, although the loan amount would just exceed the jumbo limit, let's assume you could get a gov't loan) Income Requirement: $174,000 Monthly Nut: $3,300 (conventional)/$3,800 (FHA) Description: Beautiful 'Turn Key'home [SIC] in Belmont Heights. Do not waste your time with Short Sales! Standard Sal