kaulat

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...

In the comments section of A New Price Per Square Foot Record: UPDATE , I received a new dose of hate mail: The photo...if that is you and this..... You assume all risk for your own use of the information provided as the accuracy of the information is in no way guaranteed. As always, cross check information that you would deem useful against multiple, reliable, independent resources. The opinions, jokes, and sarcasm expressed on Long Beach Housing Blog are for entertainment purposes and should never be considered investment advice. SAY IT ALL... You are one of the most ignorant, misinformed imbeciles that I have had the displeasure of reading...try climbing out of of your dark hole, investigating and securting [SIC] the facts before you open that dark hole of a misinformed and ferstering [SIC] piehole of a mouth....Good Luck CAPTAIN REAL ESTATE!!! Okay, I'll bite. But I'll have you know I don't feel good about picking on individuals who seem so mentally unstable. "The ...

Anonymous strikes again: "Hey retard..... this property just closed for $365,000 I dont [sic] see that as a problem do you? Maybe you should focus on combing the MLS for typos and keep your other opinions to yourself." You seem awfully angry, little buddy. And yet you return every day to keep that anger alive. I assure you, it's not worth the stress. Be honest: How many times a day did you keep checking for my response to your comment? BE HONEST. Of course I don’t have a problem with someone putting this seller out of their misery. Why would I? Knife-catchers are the only thing keeping this economy together! You seem to be chalking this sale up as some kind of victory, but for whom? Obviously not the seller, who lost $20,000, plus $23,000 in commissions and $20-$30,000 in upgrades and maintenance, not to mention four years of grossly inflated carrying costs. My OPINION was that they would lose money, and they did. So, is it a victory for the new buyer? If they can afford...

In the comments section of Pricing Problems , Anonymous says: "Retard, the one listed for 300,000 is a short sale. You can't compare the two." Wow. I haven't heard that tired argument for quite some time. I thought that misguided thinking gave up the ghost in 2007. There is some debate about this topic, no doubt. And every situation is different. In a normal market, one isolated distressed sale should not be considered a comp for an entire area. Doing so would be foolish. But you also need to remember this is not a normal market. In fact, foreclosures now account for 40% of all LA County sales . Are you arguing those distressed sales shouldn't "count" as comps? Anonymous (if that is your real name), please enlighten us. I'm genuinely curious as to how you convinced yourself short sales, which are only approved when banks determine market value has been met (or did you think they just arbitrarily threw darts?), should be completely ignored as compara...

From newquest : Are you really a Long Beach native? I ask this because your claim that it is not such a good time to purchase there shows to anyone with a brain that you really have no idea what your [sic] are talking about. Your ignorance of the market place combined with your arrogance vis -à- vis the “commission earners” tell me that you probably are not a sales person and just another employee of some firm that has to pay you to blog because their business model is failing massively in this market while the seasoned and traditional brokers are actually prospering and growing! Having a 9 to 5 job is probably a good thing for someone like you but remember that everything that you are writing is putting you deeper and deeper in a hole. Your [sic] building a case against yourself with every post you write. My Response: Again with the gross assumptions and personal attacks. The last bastion of someone on the wrong side of a debate. For the record, I write these posts on my own time. I’...

Why buy in Orange County when you can pay Irvine prices right here in Long Beach? Now, I realize within the context of the massive housing bubble we just experienced, $545,000 doesn't make many people flinch. But, I want you to really think about that sum. Almost $600,000. More than HALF A MILLION DOLLARS. Now, I want you close your eyes. Think about the house you would want to live in for that insane amount of money. Probably fairly big, lots of room to have your parents and friends over. Nice appliances, great neighborhood, decent schools. You've worked extremely hard and sacrificed a lot to save up the $54,900 down payment, and possibly put yourself through grad school to land a job paying the required $136,000 annual salary. Now open your eyes. Is this what you imagined? Address: 1533 E. Broadway, 90802 Wishing Price: $545,000 Size: 2 beds, 2 baths, 1200 sq. ft. (built in 1918 ) $/Sq. Ft.: $454 (!) Purchase price: N/A Purchase date: N/A MLS #: R704655 On Redfin : 260 days D...