kaulat

Sold on 02/01/12 - $165,000 At $155 per square foot, that is less than half the original asking price. Way to hold out for top dollar! +++++++++++++++++++++++++++++++++ Since there is no new inventory to speak of, out of "Where Are They Now?" curiosity I've been revisiting past Long Beach Housing Blog properties. Although most RE in the LBC victims--ERRR... featured sellers have since pulled their properties after unsuccessfully pursuing insane wishing prices ("Well, I'm not going to just give it away! "), a few deluded soldiers continue marching on. Like this idiot: This dreadful piece of doodie is now entering its FOURTH YEAR on the market. The good news is that after more than 1,100 days of wholly ridiculous prices and slack-jawed market chasing, this dolt seems to be finally waking up to reality. To wit: Jan 05, 2011 Relisted - $223,000 ($210 per square foot) But take another look at the photos and ask yourself if $223,000 is even that great of a p...

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. ++++++++++++++++++++++++++++...

Today's property is a throwback to the old days when you could buy an apartment for a good price, put a little elbow grease into it, quickly put it back on the market, and walk away with an easy, pocket-bulging profit. Unfortunately for this dolt, those old days of easy flipping are long gone and buyers know better than to fall prey to the greed-infused motivations of gold-bricking shysters. ADDRESS: 4301 East 2ND St Unit 3b, Long Beach, CA 90803 WISHING PRICE: $535,000 PURCHASE PRICE: $360,000 OVERLY OPTIMISTIC PROFIT TARGET: $140,000 BEDS: 2 BATHS: 2 SQ. FT.: 1,218 $/SQ. FT.: $439 YEAR BUILT: 1965 COMMUNITY: Belmont Shore/Park/Naples/Marina Pacific/Bay Harbor MLS#: P757318 DOWN PAYMENT: $107,000 INCOME REQUIREMENT: $122,000/year MONTHLY NUT (AT 5.05%): $2,900 HOA: $195 DESCRIPTION: Standard sale. Amazing ocean and Cataline views. Stunning end unit. Complete remodel, Kitchen has custom limestone floors, granite countertops, all new Bosch built-in appliances. Beautiful bat...

Sadly, as anyone actively looking for a house can attest, there isn't much to report. Same old shit, bigger pile. Here is the November update: ...and the most recent inventory : Sad. Just further decreases leading up to the (Supposed) Super Spring Selling Season ®. Looks like this year is going to be a(nother?) total dud for prospective buyers. Not only is inventory not ramping up in anticipation of selling season, it's down 4% from January (and down 14.5% from February 2010)! But the dismal lack of inventory (let alone quality inventory) has only emboldened sellers and their wildly optimistic pricing. Check out the substantial jump in list prices (blue line) during the last few weeks: ZZZZZZIP! Yes, I realize a $14 differential between List and Sold prices isn't that dramatic, but you have to compare it to 2010 when the List/Sold tracked within a few bucks. What's more interesting is how late-2009 buyers -- who listened to the hype about "the bottom is def...

Since there is no new inventory to speak of, out of "Where Are They Now?" curiosity I've been revisiting past Long Beach Housing Blog properties. Although most RE in the LBC victims--ERRR... featured sellers have since pulled their properties after unsuccessfully pursuing insane wishing prices ("Well, I'm not going to just give it away! "), a few deluded soldiers continue marching on. Like this idiot: This dreadful piece of doodie is now entering its FOURTH YEAR on the market. The good news is that after more than 1,100 days of wholly ridiculous prices and slack-jawed market chasing, this dolt seems to be finally waking up to reality. To wit: Jan 05, 2011 Relisted - $223,000 ($210 per square foot) But take another look at the photos and ask yourself if $223,000 is even that great of a price for this shit hole. Even if it was asking $50,000 -- the 1981 sales price -- I still don't think it's worth it. In addition to the property taxes and insu...

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...

6915 SEASIDE Walk, Long Beach, CA 90803 Wishing Price: $3,300,000 Beds: 4 Baths: 2.5 Sq. Ft.: 3,498 $/Sq. Ft.: $943 Lot Size: 2,394 Sq. Ft. Year Built: 2002 Community: Belmont Shore/Park/Naples/Marina Pacific/Bay Harbor MLS#: P715930 On Redfin: 294 days Down Payment: $660,000 Income Requirement: $754,000 Monthly Nut: $18,000 Description: Private Spectacular Location, Oceanfront, on the Sand with Awesome Panoramic Views of Catalina Island, Port of Long Beach, Seal Beach, Alamitos Bay and Naples Island. This gorgeous tri-level Mediterranean (2002 new construction) Peninsula home provides effortless waterfront living and entertaining. Dramatic sweeping spiral staircase leads you from the first to the second and third levels wrapping the circular turret. This open and airy floor plan has high ceilings, gorgeous architectural details including barrel ceilings and beautiful arches. Gourmet kitchen with granite counters, Bosch dishwasher, custom cabinetry, over-sized center island, Master Bat...