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Browsing all posts in Bubbleishis Schadenfreude.

What Can You Get for 500K Two Years Later

It’s been almost two years since I posted examples of houses for 550-550K in various cities in 2006 throughout the country. I think it’s time to revisit this for a few cities. Continue reading →

The Little ATM that Couldn’t

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Over four months on the market but still no taker, you might ask why they are refusing to budge on the price when they paid a mere 14K for the place. I immediately thought, “ATM.”

One day during walk I peeked in the yard and a woman yelled from her truck, “You can go around the house and look. No one’s there.” I was curious – it was the first house in the neighborhood to drop below the half million mark. Continue reading →

Short Sale and Major Haircut on Hannum

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Yikes.

Three years ago they paid over 700K.

Continue reading →

Where Will Prices Be in Culver City in a Year?

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Note that they are asking below the 2005 price. Continue reading →

How to Borrow Your Way into a Short Sale

Sometimes I feel like there should be a Hall of Shame for the greedy bums who helped destroy this country’s economy by taking out crazy loans – I don’t buy for a minute that people didn’t know they were borrowing more than they should.

Here’s a short sale – I’d like to think some financial mishap occurred that caused them to need to take out a second and third mortgage or HELOC themselves to death – like maybe they had big medical bills. Maybe. Continue reading →

Ruh Roh

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Two years later, maybe break even after broker fees. Unlikely after almost 3 months on the market.
Culver City is cracking.

And this guy – dude, the year is going to wrap up with house unsold. Maybe it’s time to lower the price? Especially when you look at the last sale (Anyone else thinking HELOC from HELL?) Continue reading →

Ladera Heights REO – Just above Culver City’s Holy Cross Cemetery

This neighborhood just to the south of the Holy Cross Cemetery has rather large homes priced on the high side. They are starting to see some cracks in prices up there, with homes priced below what they paid or bank-owned homes for which the bank is unlikely to make back its loan.

ladera_dec07_2.jpg Continue reading →

Now THAT’S a Haircut!

San Diego area house for sale:

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Pretty nice-looking place, huh? Price doesn’t seem all that bad… Continue reading →

The State of Culver City Real Estate

Just a brief update on Culver City, which has still managed to miss much of the carnage except on the condominium side.

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Flip Gone Bad?

UPDATE: The house sold finally at the end of July 2008 for 485K, a loss of almost 200K.

Update Dec 4 2007 – still holding at 799K 151 days into it – poor bag holder hasn’t a clue what he’s in for…

Located just on the outskirts of Culver City, the photos look like typical “after” shots from Flip This House with all the cliches…but did they mis-time the market?

The description says: “BUYER TO PROVIDE PRE-APPROVAL LETTER & PROOF OF FUNDS TO CLOSE BEFORE SCHEDULING VIEWING.” Continue reading →