Monday, May 4, 2009

Betty's Bunker: UPDATE

There is something seriously wacky going on in Long Beach right now. A number of RE in the LBC-featured properties that have been languishing on the market for ages are suddenly going pending--despite no price reductions since 2008.

Here are just a few that recently went pending at last year's prices:

Status: Backup offers accepted
Price: $350,000
Huh?: Same price as November 2008 ($349,126).

Status: Backup offers accepted
Price: $179,000
Huh?: Same price as November 2008

What the heck is going on? Is it the amazingly low interest rates? Pent-up demand? Rudolph the red-nosed realtor, playing all the realtor games?

Which brings us to Betty's Bunker from October.

Here is a recap of the last 212 days:

Oct 05, 2008 - Listed $1,035,000
Nov 19, 2008 - Price Changed $739,000
Dec 22, 2008 - Price Changed $650,000

Status: Backup offers accepted


You mean to tell me that the price hasn't been reduced since December but now, another five months into the worst housing crash in the history of mankind, a buyer suddenly determined $650,000 was a great price?

Uh. Okay.

But, to be honest, $234 per square foot does seem like a pretty good price--especially for this neighborhood. However, as previously noted, we have absolutely no idea what the inside of this mausoleum looks like. I mean, there has to be a distinct reason why it went pending so far below most 2009 comps.

Still, regardless of whether this is realtor tomfoolery or not, the overall lesson (as always) for the sellers out there rotting on the MLS, fretting about the lack of interest in their properties: There's nothing price can't fix.

In the cases of Betty's Bunker and Misquoted, all it took was a 40% price reduction!

Sellers take note!


  1. I'd take 40% off peak prices anywhere... If only the high end sellers would see the light...

  2. Generally, if you surf thru the list of recently sold homes in better neighborhods, they're about 40% off peak prices. Listing prices are mostly joke. By the way, someone just got "Volked" for $577.00.00. It looks like we still have some good over-supply of morons.