This weekend I though I would introduce something new to the blog, It is a new weekly column I’m calling “Price Reduced!”. What I’d like to do is to go through the price reductions over the past week and pick out a handful of significant price reductions. The list doesn’t single out a specific area, type of home, etc. I’ll try to post up as many as I can, but it’s a tedious and time consuming process. This list took me over an hour to gather up, format, and get the links to.
The purpose of this exercise is to illustrate that prices are indeed falling, and the bubble has burst. Now begins the long ride back down to the bottom.
And now, without further adieu, the list please!
MLS ID# 2088418
Listing link
Org Price: $3950000
New Price: $3295000
Reduction $655000 (16.58%)
MLS ID# 2204048
Listing link
Org Price: $359900
New Price: $309900
Reduction: $50000 (13.89%)
MLS ID# 2206024
Listing link
Org Price: $1500000
New Price: $1300000
Reduction: $200000 (13.33%)
MLS ID# 2112386
Listing link
Org Price: $1150000
New Price: $998900
Reduction: $151100 (13.14%)
MLS ID# 2109773
Listing link
Org Price: $575000
New Price: $499900
Reduction: $75100 (13.06%)
MLS ID# 2094470
Listing link
Org Price: $899000
New Price: $799000
Reduction: $100000 (11.12%)
MLS ID# 2104294
Listing link
Org Price: $499900
New Price: $449900
Reduction: $50000 (10.00%)
Caveat Emptor!
-Grim
I have been watching this condo in Hoboken. Last week it was listed at $809k and this week it is down to $779k according to craigslist.
$779000 – Open House Sat & Sun, 10/22 & 23 at the Constitution 2BR/2BA + Terrace
http://newjersey.craigslist.org/rfs/105679410.html
$809900 – Open House! Wednesday, 10/5, 6-8 PM at 2 Constitution Court #514
http://newjersey.craigslist.org/rfs/101841298.html
I don’t believe this means anything. These price reductions are obnoxious to begin with.
What I would like to see is what similar houses sold for in these neighborhoods 5 or 8 years ago. This would give show the true insanity of even after these token price reductions.
Many these houses are up 100% + in 5 years. Do not bid on a house. Don’t waste your time.
The greedy realestate industry has turned the housing business into one big casino. The public will backlash against this group when reality hits and the pumping and hyping is proven wrong.
The only thing you can really tell from this data is a small subset of sellers reduced prices for one reason or another. Even with the reductions prices are still significantly overpriced. However, what I was attempting to do is illustrate that sellers are dropping prices. It’s not unheard of. But that brings us to the next step.
What I’d love to start seeing are records from the country tax records that show sales at break even or loss. It will still be many months before that’ll happen, however. That will be the proof in the puddin’..
grim
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If a home price was reduced, it just goes to show you that it was overpriced in the first place.
-Richie
Is there a public source to find out what a home sold for 5, 7, 10 years back?
You can check what homes previously sold for online. In yahoo or google search “citimortgage price check”. Click on the link and you can get specific information. it is a great tool.
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