Stubborn Sellers
Blogging has been slow the past few days because of problems with the blogger platform.
Also, sorry about the spam in the comment section. I'll try to edit out the extra long posts that are causing the problem. Unfortunately, I'm having problems getting to the editing application because of the spam.
Reuters
By Patrick Rucker
Tuesday, October 24, 2006; 1:34 PM
WASHINGTON (Reuters) - At a recent meeting with her Las Vegas real estate firm's 200 agents, Joanne Levy told them they needed to deliver a stark message to clients.
They would tell them that unsold homes are at a record level and sellers need to lower their prices.
Full article...
posted by Little_Silvered at 9:19 PM
5 Comments:
Speaking of stubborn sellers, anyone remember that flipper/ realtor and her contractor husband who were featured in the June 11 Asbury Park Press article. They bought a shack in Bradley Beach for $500,000 and renovated it. They then listed the house at $849,900 and were so confident that they would sell quickly because, as they arrogantly proclaimed, "we're only two blocks from the beach". Guess what, here it is 4 months later and the house is still sitting on the market at the same price(it was briefly taken off the market recently and then re-listed, I'm not sure if it has a new MLS number).
Error in previous post- price is $849,000 and I think they said "one and a half blocks to the beach".
Heck !!! $849,000 ???
Why not try to sell it for $8,490,000, or better still $84,900,000 !!!! If they keep raising the price they might attract a sucker, whoops!! I meant BUYER who thinks he can sell it for even more !!!! And . . . afterall its zero percent down anyway !!!!! Lets face it: this whole real-estate thing is a huge scam. Its a ponzi scheme, a greedy suckers game, as proven by the "greater fool" theory !!!
The article about the flippers in Bradley Beach is in the archives of this blog. This house has been on the market now for seven months -it was already on the market for three months when the article appeared in the paper. I guess these people are so wealthy that they can afford to leave the house empty until they get their price. It looks like they'll be holding out for five to ten years.
Sellers are being ridiculous at this point. A serious seller would reduce their price to something resembling late 2004 early 2005 prices. Holding firm on over inflated prices will just keep raising inventory. The more inventory builds up the more sudden and severe a crash will be. As a buyer, I'm looking forward to it.......
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