kaulat

Given some of the ridiculous bullshit I've encountered in my house search, I might have to come out of blogging retirement. ASKING PRICE: $469,900 ADDRESS: 14 5TH Pl, Long Beach, CA 90802 BEDS: 2 BATHS: 2 SQ. FT.: 1,214 $/SQ. FT.: $387 YEAR BUILT: 1953 MLS#: P786112 ON REDFIN: 86 days HOA: $260 DOWN PAYMENT (20%): $94,000 INCOME REQUIREMENT (3.5 x Income): $107,000 MONTHLY NUT: $2,500 DESCRIPTION: Amazing sweeping ocean views from the main living space of this two bedroom, two bath condo. This secure unit is just steps from the sand and a large communal patio area, perfect for entertaining or watching the 4th of July fireworks. Condo features hardwood floors, updated kitchen, upgraded bathrooms and plantation style shutters. This could be your perfect ocean home. I looked at this bank-owned condo a few months back and walked away unimpressed. Between the termite damage, filth, poor condition of the kitchen cabinets, darkness of the bathrooms, lack of street parking, community lau...

6/14/11 - Sold $305,000 After years of bullshit wishing prices, this turkey has finally been put out of its misery. In the last update, I said, "...$277 per square foot seems reasonable enough to nab a buyer." It ended up going for $281 per square. Of note, the robo-appraisal was actually dead on! $207,276 $300,400 $414,552 I don't take much joy in being right anymore -- I mean, who really cares? The delusional realtards have long since accepted the truth expressed on this blog and conceded defeat. Plus, it doesn't take a whole lot of effort to make these accurate predictions. As I've said since the beginning, it's just a simple matter of what local incomes can support. This price is now generally in line with the median income, so it found a buyer -- not exactly a shocking development. For the record, this sales price represents a $240,000 discount from the original batshit-crazy asking price. Delusional? Yeah, just a tad. ++++++++++++++++++++++++++++...

Here's an oldie but goodie. In one of the maiden posts on this blog (don't forget the update ), I featured this property, sporting a mind-boggling $545,000 wishing price. That 2008 post prompted a decent amount of hate mail (including this idiot whose soaked-diaper logic I eviscerated in a response. The result? We never heard from him again). Although much has changed since 2008 (not the least of which is the disappearance of whack job bubble-deniers and wrong-headed realtors spitting their delusional venom on this blog) but what has not changed is my ability to ascertain "true values" based on the facts, the numbers, and good old fashioned common sense. At the time I said: At $454 per square foot and 260 days on market, this thing isn't going anywhere. Sometimes I get the feeling owners just aren't serious about selling. I don't care how close you are to Belmont Heights, in this zip code the median household income is $30,353. This house is probably sli...

That's down 3% just between September and October! Wow. And the result? A greed-driven divergence between List vs. Sold price per square foot. That's what happens when all but the dumbest, most delusional sellers take their ball and go home and wait for the market to "return to normal." Current sellers know there's no quality inventory out there and it makes them cocky and emboldened. As we enter the winter months we'll see if that approach pays off.

The price was "$279,000" and changed to "$269,000" I've been seeing $10,000 price reductions ALL OVER THE PLACE since the Federal tax-credit expired, and all it really tells us is that the free government ponies make housing that much more expensive. I'll remind you, this flopped flip first arrived on the market in March with a wishing price of $339,000 . And since then he's been gingerly chasing the market down, perpetually 10 steps behind the curve. Thus far his lackadaisical pricing strategy has resulted in being forced to cut 60 Grand from the original ask -- all to no avail. And now that the tax credits are history, you have to wonder how much more cold, hard cash his ridiculous strategy will cost him. Factoring in commissions, he is looking at a profit of $28,000 for this exercise in futility. A pittance compared to what he could have walked away with, but at least it's not a loss, right? Oh, but we forgot to factor in the ~$10,000 spent spru...

1901 East OCEAN Blvd #205, Long Beach, CA 90802 Asking Price: $705,000 Peak Purchase Price: $725,000 Beds: 2 Baths: 2.5 Sq. Ft.: 1,883 $/Sq. Ft.: $374 Community: Downtown Area/Alamitos Beach MLS#: P734338 Source: CARETS On Redfin: 35 days HOA Fine: $444 20% Down Payment: $141,000 (20%)/$28,200 (FHA) Income Requirement: $161,000 (Mortgage/3.5X) Monthly Nut: $4,200 (conventional)/$4,900 (FHA) Description: Here is your opportunity to own in the exclusive Park Regency complex along Ocean Blvd. This stunning complex is a real gem with an incredible courtyard and exterior finshes and details!This premiere 2bed+Den corner location affords stunning ocean and park views and is the largest floor plan in the complex!The interior of the home offers beautiful slate floors, custom crown molding, open and functional kitchen, newer appliances, custom window shutters throughout, full home theater, fireplace in the living room and more!This open floor plan is full of natural light and is sure to impress...

The price was "$875,000" and changed to "$825,000" Gee, that only took seven months. Poor guy. He really thought he would more than triple his initial 2002 investment. And now, after 552 days on market, it looks like he won't even double it. I'll try to hold back my tears. **************************************** The list price was "$995,000" and changed to "$875,000" Wow! Quite a price reduction! But before you get too excited and start thinking he suddenly found religion and will start pricing aggressively, it took him four long months to make this much-needed cut. In the grand scheme of things this reduction doesn't mean anything. All it means is the property was $120,000 overpriced. This jackass is less than a month away from his one-year anniversary on the MLS. That's a scarlet letter ("S" as in "Stale") any seller should fear. You think he'll wake up in time to beat the clock? Considering it took 34...

2525 East OCEAN Blvd, Long Beach, CA 90803 Wishing Price: $2,799,999 Beds: 4 Baths: 4 Sq. Ft.: 4,100 $/Sq. Ft.: $683 (!) Year Built: 1953 Community: Belmont Heights/Alamitos Heights MLS#: P725816 On Redfin: 73 days Down Payment: $700,000 (25%) Income Requirement: $600,000 (mortgage/3.5x)/$800,000 (home price/3.5x) Monthly Nut: $15,000 (HAHAHAHAHAHAHA!) Description: One of a kind location. Mid Century designed by Shelly & Merchant. Located on Ocean in Bluff Park with Catalina and Ocean Views. Unobstructed and panoramic views of the Queen Mary down to Huntington Beach. Private interior courtyard, plus a game room with fire pit and electric fireplace. Game room opens to the back yard with room for a pool This is a great home for entertaining with most of the original charachter in place. There are 3 fireplaces; located in the living room, master bedroom and upstairs den. There is a bedroom and bath downstairs and a full laundry room/craft room/ breakfast room off the kitchen. Perfect ...