Saturday, May 9, 2009

Yardless Wonder: UPDATE

Sweet! Prices for Long Beach mobile homes are coming down!

On March 12 I said:

Lender: if you have any hope of selling before that frightening 2002 threshold is met, I strongly recommend setting the price at $325,000 today and hacking off 10 grand every month until it sells. You do that and you're sure to find a knife catcher before summer.

Today the price was reduced $53,000 to $337,000. Bravo! You might just sell this thing if you keep it up!

Do you see why Long Beach asking prices are a complete and utter joke? When sellers (in this case the lender) can indiscriminately give themselves a $50k haircut, you know we're nowhere near true valuation.

However, this is now the cheapest property in the area, so don't be surprised if it goes pending soon. And if it does actually sell, the total loss in "value" since 2006 will be a face-melting $300,000.

40% off in just three years. Ouchies.

That's enough to put you in a padded cell. Or, uh, at least decorate your house like one.


  1. This house is a nightmare - We could barely find the place since the entrance is actually off the alley. If someone didn't recognize our look of confusion we would have never found it. And like you said, a total mobile home.

  2. It's an ALLEY entrance?! Ugh, what a mess.