I’m a single guy don’t need a house yet, why pay 6K in taxes for a whole bunch of rooms I don’t need yet. But I would like to upgrade from this studio

I typically ask to be the intermediary in those types of situations, which is why I posted the following above:

homebuyer,

You can email me at jamesbednar at gmail.com and I’ll forward that information on.

I’m familiar with this property.

Here’s the full price history:

Jan 21, 2006 – $759,000 (MLS 2237332)

Mar 24, 2006 – $698,999

May 10, 2006 – $698,998 (dropped price $1)

May 22, 2006 – WITHDRAWN

May 23, 2006 – $639,000 (MLS 2281275)

Jun 13, 2006 – $625,000

Jul 07, 2006 – $595,000

Sep 14, 2006 – $575,000

Sep 19, 2006 – Attorney Review

Sep 26, 2006 – Under Contract

Dec 12, 2006 – Closed @ $563,000

This one illustrates two things: Greedy Grubbers will pay dearly for their greed, and flipping properties is a dead industry.

This seller paid $525K for the property in Sept 2005 (MLS 2087215), and then gutted the house, put in a new kitchen, etc, carried the property for a year, and sold at a loss.

It sold for over $200,000 less than original ask price, on a street where houses were selling for $350K only 4 years ago.

Thankfully this insanity has come to an end.

jb

jb

From your comments in the past you were very bearish on the market.
Richard Says:
June 25th, 2006 at 10:00 am
according to DB Global Markets Research $300 billion in ARM resets are happening this year with $1 trillion coming next year. i believe the 2 biggest impacts to the slowing market are these resets combined with rising interests rates putting those people already stretched in a no win situation.
next year we’ll have the same recipe but more of the same ingredients with 3.3x the ARM resets and rates probably at least 75-100bps higher than today. next year is going to be the start of a bloodbath IMO. if you can wait to buy i’d highly recommend waiting until the spring market and saving up for more downpayment to shield you more from the rising rates.

Heck, you were even agreeing with Booyaa Bob back then.

But now you’ve been saying buy now. You went from renting to not only buying a home but additional real estate to add to your portfolio?
What market fundamentals have changed for you?

Richard Says:
June 29th, 2006 at 6:32 pm
“Apparently the chorus of voices predicting this collapse and the attention they received from the media, have played a role in bringing the market to it’s current state……as always perception becomes reality!
um, really? you think it could more to do with something actually tangible like affordability? idiots.
i>

Rich

njbear, it’s called diversification. i don’t need any more RE in my portfolio. i’m already a bit overweight.

Not really. We have been talking about the decline in the dollar for the past year. Multi-nationals are the winners. Not only not unbelievable but predictable. Also, you forgot to mention that gold is up over 20% and will finish 2006 with it’s 6th straight yoy gain. By the way, I won’t even mention what 20% in cash equates to in futures. Don’t want to make your head spin!!

Big change in perception…
Richard Says:
January 23rd, 2006 at 10:28 pm
everyone, inventory is building up rapidly. there are decent houses on the market at still high but not outrageous asking prices just sitting. this market is coming to a crawl. i expect this week’s home data to show further weakening and this will only continue. as inventory continues to build next stop is lowered prices. sellers haven’t seen a more normalized market in at least 5 years so give it some time to let the reality sink in. if you’re in the market to buy a house, wait until 2007. i’d stake my down payment prices and selection will be better than 2006.

Rich