Thursday, November 27, 2008

Arigato: UPDATE II

Over at the Irvine Housing Blog Forums, Morekaos noted that a favorite delusional Belmont Shore seller has mercifully dropped their asking price by $200,000.

Before you get too excited, you should acknowledge just how ridiculous their original asking price was.

If you remember, this Asian-inspired oddity came on the market in August of 2007 with a distinctly WTF price of $3,250,000. In November the seller lopped off almost half a million, then increased the asking price by $200,000 just five days later.

Their New Years resolution for '08 was apparently to not be such an insufferable idiot, and in February of 2008, the price was reduced to $2,785,000.

And there it stayed.

For nine months.

So much for that resolution.

But just a few days ago the asking price was reduced to $2,575,000. After 470 days on market, I think it's a meaningless gesture. I think by now, regardless of price decreases from this point forward, this property is tainted. The sellers have ably demonstrated they're greedy and unreasonable, and I think most people, after having watched this novelty item rot on the market for so long, can clearly see it for what it is: an overpriced albatross deserving ridicule.

Have a great Thanksgiving everyone. I'm thankful for many things, including having a great job, an interesting family, loyal friends, and my health. You shouldn't need the Thanksgiving holiday to count your blessings (just like you shouldn't need Valentine's Day to tell people you love them), but it's a great excuse to let those around you know just how much you appreciate them and what they mean to you.

1 comment:

  1. A comment about Long Beach from the Housing Bubble Blog:

    >> Comment by Toast on the Coast, 90803
    2008-11-26 20:36:57

    The sky is falling.
    Here is a new comp for Long Beach, Ca
    546 Newport Ave. 03/22/07 for $790,000
    REO closed sale 11/26/08 for $375,000
    We are entering the 4th inning of a extra inning game