Low End Getting Lower: UPDATE

I originally featured this property in June of last year. Back then a short sale had been approved at $165,000. That was after 273 days on the market.

Now, at 564 days, we see that the price has been reduced a whopping 10%. Ten percent!

WTF is wrong with you people?

Here is the updated listing info:



Address: 1833 E APPLETON St #8, 90802
Asking Price: $150,000
Size: 1 beds, 1 baths, 623 sq. ft.
$/Sq. Ft.: $241
HOA Fee: $90
Purchase price: $260,000
Purchase date: 1/2006
MLS#: I07143120
On Redfin: 564 days
Down Payment: $30,000
Monthly Payment: $900
Income Requirement: $43,000
Description: SPACIOUS, TURNKEY CONDO, 2ND FLOOR UNIT WITH BALCONY & PLEASENT VIEW OF PARK LIKE COURTYARD. UNIT FEATURED HARDWOOD FLOORS, & CLASSIC CERAMIC TILE, NEWER KITCHEN CABINETS, BUILT IN MICROWAVE, STOVE, DOUBLE PANE WINDOWS THROUGHOUT. EXELLENT LOCATION IN DESIRABLE ALAMITOS BEACH , JUST FEW BLOCKS FROM THE OCEAN, AND WALKING DISTANCE TO THE PARK, SHOPS, AND RESTAURANT. SELLER'S IS HIGHLY MOTIVATED, PRICED TO SELL FAST ! BANK APPROVED !!!! EASY SALE, NO MORE WAITING CLOSE IN 30 DAYS. FOR MORE INFO SEE AGENT COMMENTS.

"PLEASENT"?

"EXELLENT"?

"UNIT FEATURED HARDWOOD FLOORS"? What happened to them?



But the true highlight of that garbled, terribly punctuated listing description is this:

"SELLER'S (sic) IS HIGHLY MOTIVATED, PRICED TO SELL FAST ! BANK APPROVED !!!! EASY SALE, NO MORE WAITING (sic) CLOSE IN 30 DAYS..."

Yeah. About that. Anyone who spends nearly two years trying to sell something is the exact opposite of "HIGHLY MOTIVATED."

Between the seller, the bank, and the listing agent, this whole thing (still) looks like a gang of monkeys fucking a football.

Last June I said:

Although 1833 Appleton makes sense at the current price I doubt it will actually sell for $165,000. Because the bank will likely drag its feet approving the sale, the property will continue to rot while surrounding prices plummet further. And even though this starts making sense at $165,000, it us STILL overpriced and doesn't align with local incomes.

Well, I have a stunning Long Beach Housing Blog announcement: With a $900 monthly PITI (assuming 20% down and no maintenance costs), this bad boy is at rental parity!

**DUCKS**

**LOOKS AROUND**

Hm. That's funny. I half expected to be trampled by a horde of investors, stomping and elbowing their way to make an offer on this place.

Yet...nothing.

Now, someone with functioning synapses in their brain might think to themselves, "Hm, perhaps this dump is still a bit overpriced."

But not this tool team. Nope. I can see them now, pulling out the cheap, rickety kitchen chairs and huddling around dead varmints to plan for the next 564 days of "aggressive" price cuts.


Next stop, below rental parity.

ALL ABOARD!