Sunday, January 27, 2008

Hide and Seek: UPDATE

You may remember my suspicion a certain listing agent was playing MLS peek-a-boo with his unoccupied condos in this post.

Well, my suspicion has now turned to grim, mildly-nauseating confirmation.

As you will recall, a week ago the properties listed were: Units #5, #10, #17, and #18. While browsing through Redfin today, I noticed #5 has been pulled and Units #9 and #24 have been put in its place (at 3 and 4 days on the market, respectively).

Transparent, crass, desperate...just a few words that can be used to describe this sort of manipulation.

I guess it's possible that the owners of #9 and #24 recently sold and the properties have suddenly, unexpectedly re-entered the marketplace. It's also possible that Elvis is a line cook at The Yard House, but would you wager money on it?

Plus, it's the same listing agent and the same description. You, sir, are busted.

I'm calling this sort of tomfoolery out for what it is: a clear attempt to mislead potential buyers about the fact that this complex has at least 7 units sitting unoccupied. That's more than 30% of the entire complex dead empty!

I'll keep checking on it, in the hopes of tallying just how much trouble this bag holder is really in. I sense that after another six months of this real estate whack-a-mole horsesh*t and associated monthly carrying-cost bloodletting, these properties will either be rented out or priced at around $270,000.

Either way, the fools who bought right when this place came onto market are going to be upset--and upside down.

You know what more upset and upside down homeowners paying top dollar for rapidly depreciating assets means? More unoccupied properties as owners walk away or foreclose.

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