Thursday, August 7, 2008

Shorn in The Shore: UPDATE II

I just wanted to update you on a certain optimistic seller in Belmont Shore.

yyyyyyyyyyyep, still delusional.

The asking price was last reduced to $399,000 on May 12 and the listing hasn't been touched since.

So, just what exactly is this sad-sack over-decorator waiting for? A return to the 24.4% annual appreciation witnessed during the five years prior to this numbskull's 2005 purchase?

Yeah, about that. I thought I sent out a memo.

Anyhow, the real estate world has changed considerably since May and I can't fathom why this thing is still on the market. I mean, the listing hasn't been updated in THREE MONTHS--which I might add were the PRIME SUMMER SELLING MONTHS. No price reductions, no new pictures, nada.

Look friend-o, just do what everyone else (including your neighbor at #301 and most of the properties featured on this site) is doing and take it off the market. Obviously that $3,300 in monthly carrying costs isn't hurting too badly, otherwise you would have priced to sell from the outset, right? So you've established that you're not desperate (or reasonable).

But how much longer can you wait for this fantasy buyer to bail you out? Another 205 days?

I mean, the pool of individuals or couples with $80,000 in the bank and $100,000 household incomes is very small--even in Belmont Shore ($71,028 median income). But even if those magical buyers you seem so confident will rescue you finally appear, do you really think this is the place they would choose to live during the next five to ten years? You see, the problem is that you overpaid for an undesirable property in a desirable neighborhood.

The short list:

  • It's cramped at 900 square feet
  • Community laundry (ugh)
  • ONE parking spot in Belmont Freaking Shore
  • The kitchen is atrocious and will appeal only to a very specific buyer
  • Although a minor point, most walls need repainting

And I know it's tough. I'd hate to be viewed as a financial failure too. But then again, I'd never be foolish enough to "buy" an apartment I could rent for half the cost. So, since you've obviously been able to comfortably swing your mortgage payment for more than three years, why bother trying to sell in this environment? Do us all a favor and just give up! Stop wasting valuable space on the MLS and freaking everyone out about the amount of inventory on the market.

Especially with the slower selling seasons of fall and winter approaching, there's no hope for you selling at this asking price. And since reducing your asking price to a reasonable amount would result in the loss of $100,000 plus commissions--not to mention another ~$130,000 in carrying costs since your '05 purchase--you only have two choices:

1. Send the keys back to the bank and and rid yourself of this albatross that, given your astronomical purchase price, won't produce a profit for another 20 years, or

2. Take it off the market today, relax, and start enjoying "Belmont Shore living at it's [sic] finest."

Us taxpayers would prefer that you choose the latter, but either way, do us all a favor and throw in the towel. If you can't stand the heat, get out of the Smurf-blue kitchen.


  1. lbchousingwatcherThursday, August 07, 2008

    I'm glad that you're back exposing delusional sellers. I've been following your blog for a while and I'm getting married and planning to move to Long Beach the near future. I hope to be contributing to your comments more in the future.

  2. lbchousingwatcher,

    Thanks so much for commenting. Hope to hear more from you. Plus, it's always reassuring to know people are reading (and hopefully gaining some perspective).

    Be sure to check tomorrow's post. As a fellow prospective LB buyer, I think you'll find it to be fairly positive news (for once).

  3. Oh, and congrats on the upcoming nuptials!