kaulat

Sold on 08/31/11 - $450,000 What a long, strange trip it's been. This art-deco disaster has been on and off the MLS since June 2009. 2009! If you recall, at one point the dipshit owner was trying to get $775,000 for this mess. Hell, as recently as seven months ago he was trying to get $600k ! Ah, how the mighty have fallen. In October of 2010, I said: "I have to give credit to owners expressing themselves and building something unique in Long Beach but as I've said before, one person's quirky (and pricey) personal taste means fuckall to potential buyers." and: "You know what I think to myself when I see houses like this? 'Yeah, if it was dirt cheap I might buy it as a goof.' In other words, this kind of look-at-me 'uniqueness' is actually a detriment to selling because this level of customization and personal flair can easily put houses in the Only-At-A-Discount category." Well, I'd say selling in 2011 for a mere $40,000 above...

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

A commenter mentioned a while back that this place finally sold. Jan 2003 - Purchased $730,000 October 2010 - Sold $699,000 Looks like we're below 2003 prices even in Naples! Tough to even comprehend, given how Naples was supposed to be "special" and "immune," but this is indisputable evidence that the last eight years of equity for most homeowners has been completely wiped out -- even the "special" ones. Crazy. So, a $74,800 loss after commissions. Not terrible, given what we've seen over the years. But we musn't forget the substantial improvements DJ Bankrupt spun into the property. If you recall, the house's condition in '03 was so decrepit that the agent described it as "once thought to be lost to neglect." And I guarantee the "meticulous restoration by the [now former] owner" cost him at least $150,000. MINIMUM. So now we're staring down the business end of a $225,000 loss. And the bank sure as f...

Sold on 12/17/2010 - $200,900 Wow. What a ride for this welted chunk of excrement. More than 1,000 days on the market and the bank finally approved a short sale at the price it should have been at all along. Just look at this lesson in incompetence: Dec 17, 2010 Sold (MLS) (Closed) $200,900 -- Inactive CARETS #P701097 Jul 31, 2010 Pending (Backup Offers Accepted) -- -- Inactive CARETS #P701097 Jul 19, 2010 Price Changed $199,900 -- Inactive CARETS #P701097 Jun 23, 2010 Price Changed $219,900 -- Inactive CARETS #P701097 May 19, 2010 Price Changed $225,000 -- Inactive CARETS #P701097 Mar 03, 2010 Price Changed $250,000 -- Inactive CARETS #P701097 Dec 30, 2009 Price Changed $289,000 -- Inactive CARETS #P701097 Dec 30, 2009 Relisted (Active) -- -- Inactive CARETS #P701097 Dec 03, 2009 Pending -- -- Inactive CARETS #P701097 Nov 12, 2009 Price Changed $239,000 -- Inactive CARETS #P701097 Oct 30, 2009 Relisted (Active) -- -- Inactive CARETS #P701097 Sep 23, 2009 Pending (Pending Sale) -- -- ...

As I predicted, this deadbeat skipped town and left the bank to deal with the mess. The bank lent out $560,000 in 2005 for this joint, and is now asking a measly $379,900 -- a nearly $181,000 difference. Anyway, I imagine the new REO price will entice some buyers. Or will it? Unless you've been living in a Chilean mine for the last few weeks (too soon?), you've heard about what some are calling "Foreclosuregate." From what I understand, banks were wholly ill-prepared for the massive influx of foreclosures starting in 2007 ("Wait a minute. I thought prices only went up and people could 'just refinance' when they had trouble making payments.") and hired any jabroni off the street with a pulse (kind of sounds like their mortgage-issuance strategy too). And under pressure to process this ever-growing pile of foreclosures, these knuckleheads mishandled, fudged, or outright forged a lot of the paperwork. For some reason the mainstream media is focusing o...