Saturday, July 21, 2007

Let's Make Fun of Some Marin Sellers

This POS has been on the market forever. It's described as "Tahoe in Marin". What could be better? Trendy Tahoe meets trendy Marin without the fuss of snow. Stats:

How's a $127,000 price reduction for you? But it's only a 15% reduction from the original asking price. These clueless sellers will have to drop more like 30% if they hope to sell. Given the days on market (DOM) statistic for this POS (DOM = 311 days) you would think the sellers would have figured that out by now. But I guess they are holding out betting on the stupidity of most buyers and Bay Aryians impulse to be trendy and impress friends and family.

* * *

Hey, it's Kentfield. It will impress your friends. If you are a lawyer or an investment banker or just someone who sold a trendy web site for way too much money to a trendy search engine company, this is where you want to live.

Eh! Only a 12% reduction. These fools have waited 173 days (if you believe that stat) and they can wait another year.

* * *

All I can say about this San Rafael seller is "Wow, after nine frenetic price drops and 265 days the best you could do in the end was a 15% reduction?" I really hope no buyer rewards these people.

* * *

San Anselmo seller wife says to San Anselmo seller hubby: "I thought you said we were going to be millionaires! With this price reduction we can't attend the parties!"

* * *

Oops, looks like these Novato sellers can't go to the parties either.

* * *

Neither can these San Rafael losers.

* * *

Lagunitas too.
* * *

Sausalito too.

* * *

That's another 25% price reduction in San Anselmo. But that DOM is nothing by Marin standards. Keep on waiting...

* * *

Who are these Novatoans trying to kid; that's only a 23% reduction.

* * *


Other than being ridiculously over price, the real reason why this Novoto POS hasn't sold is probably because no one can figure out what the actual asking price is.

* * *

What with a 26% price reduction and $476,000 dollars saved you could almost turn around and buy a low-end Marin POS with what you are saving! What are you waiting for?

Oh, but that's a price depreciation of about $1300 per day so if you keep on waiting before you know it this place will be priced properly.

* * *

And the list goes on and on and on and on... this is nothing.

16 Comments:

Blogger Lisa said...

Hilarious! And I bet most of these yo-yo's (oops...I mean financial geniuses) are recent buyers trying to at least break even.

Just wait until people wrap their heads around the concept that people lose money on real estate in Marin. EVERY CYCLE. And it's no different this time around.

Jul 21, 2007, 4:52:00 PM  
Blogger anthony said...

Front page Marin IJ rag7/19/07

"Marin median home price hits $1.12 million"


"The expensive markets are actually doing pretty well right now," Karevoll said. "The rich are getting richer, and the rest of us aren't."


TIME TO CELEBRATE!!! THE RICH ARE GETTING RICHER!!!!! (over use of exclamation marks on purpose)

Jul 21, 2007, 8:27:00 PM  
Blogger mountainwatcher said...

Thanks for posting these fine examples of the market insanity.

I'm sure the IJ will soon get wind of these reductions and alert the public.

They are committed to publishing the truth, and they are "independent".
I'm sure they will want to warn prospective buyers about the possible perils of paying too much for a home.

Jul 22, 2007, 2:01:00 AM  
Blogger Telemill said...

Hey, just the fact that you bought in Sausalito will ALWAYS get you admittance to the parties!

[can you see my tongue in my cheek?]

Jul 23, 2007, 2:30:00 PM  
Blogger Lazarus said...

Well, looks like your having a good time poking fun at the high prices in Marin. must be extra fun if your sitting in quaint little Marin home you obtained by inheritance or bought 15 to 30 years ago.

There are obviously a LOT of idiots and wannabe home flippers who are caught in the real estate market right now and Marin is no exception.

DO YOU TAKE LIVING IN MARIN FOR GRANTED?

i was born and raised in San Anselmo and moved from there when i was 18 years old. i have lived all over california: Contra Costa, Orange Co., San Diego, Santa Clara,& Fresno. I can assure you that with the exception of San Diego [which is my location of choice for so. cal] none of those locations can hold a candle to Marin.

Marin is an easy place to move of - a hard place to move back into.

Real Estate is always about location and Marin is a WORLD CLASS LOCATION. isnt Marin still the wealthiest county per capita in the nation? is it a surprise to you that the wealthiest county [per capita] in the nation would have high real estate prices?

maybe, just maybe the prices will fall far enuf that i can afford to move back in!

Lazarus - missing Marin :(

Jul 24, 2007, 8:11:00 AM  
Blogger Silver said...

Please define a world class location. Most houses in Marin are 50- or 60-year-old wood shacks. Public roads are not well maintained. Plus the public schools are crumbling so people have to send their kids to the private ones.

Jul 24, 2007, 8:34:00 AM  
Blogger Lance said...

Yes Marin is a worldclass location without doubt. (Defined not by the quality of its housing but by the world class of people who move into it), however it isn't the wealthiest county in the country per capita. I'm not sure it ever was. Greenwich, Conn. held that title for many decades and it is now held by Fairfax, Va. (Made so since 9/11 becuase of the large increase in government contracts with IT firms. Nothern Virginia tops the list in that category nowadays. Silicon Valley comes in a close second from what I understand.)

Jul 24, 2007, 12:35:00 PM  
Blogger fortunateone said...

This shows Marin County with the highest per capita income in the nation:

http://tinyurl.com/yb4835

Jul 24, 2007, 1:13:00 PM  
Blogger Lance said...

fortunate one, You're correct. It was median household income that I was thinking about. And apparently, Fairfax has been surpassed by its neighbor Loudoun recently in that category.

http://en.wikipedia.org/wiki/Fairfax_County,_Virginia

Jul 24, 2007, 1:32:00 PM  
Blogger marinite2 said...

Bill Gates walks into a bar. The median/average income goes up by an ungodly amount. Is anyone really any better off?

Jul 24, 2007, 1:35:00 PM  
Blogger marinite2 said...

Countrywide Financial Corp. ... signaled that problems in the subprime mortgage market have spread to the highest-quality home loans.

http://tinyurl.com/362lfb

So much for that desperate retort by the bulls who argued (wished) it couldn't be so.

And the market's response? Oh, down over 220 pts as I write.

Jul 24, 2007, 1:42:00 PM  
Blogger Lance said...

marinite2 said...
"Bill Gates walks into a bar. The median/average income goes up by an ungodly amount. Is anyone really any better off?"

The average income goes up by an ungodly amount. The median income either doesn't change at all ... or changes by only a very small amount. The median is where half the people in the room earn more and half earn less. I.e., that numbers is still in the middle of the range irrespective of what Gates earns.

Jul 24, 2007, 1:43:00 PM  
Blogger marinite2 said...

You caught me being careless. Shame on me.

Jul 24, 2007, 1:53:00 PM  
Blogger fortunateone said...

Bill Gates walks into a bar. The median/average income goes up by an ungodly amount. Is anyone really any better off?

I don't know if anyone is better off. I do know that no county in Washington state is anywhere near the top 30 in terms of personal income.

Jul 24, 2007, 1:55:00 PM  
Blogger nero said...

Since people are falling back on the old income argument again for reasons that I don't follow, I'll play. If wikipedia is going to be your source, Marin's per capita income is $44,922 and it's personal per capita income is $67,682 as of the 2000 census. Why should I be impressed? How does that justify median house prices that are 15-22x income? Or if you assume those are all two income families, 8-9x?

http://en.wikipedia.org/wiki/Highest-income_counties_in_the_United_States

Jul 24, 2007, 2:14:00 PM  
Blogger Lazarus said...

nero,

what justifies the price of real estate is supply and demand.

so tell me - how many of you smug marinites are willing to sell your home for a price i can afford? i think i can manage $400k and that will not be easy since i have 6 children [but only 3 left at home].

is my price anywhere near what you think the home prices in marin should be -- if so lets talk!

most of you are probably sitting on pile of equity after years of home ownership [or inheritance] just think about what you can do with all that $$$. i can help you relocate to Akron Ohio or Texas where prices are very low relatively -- can maybe get you 2 or 3 homes with all the equity your gonna pull out.

and silver - do yourself a favor - leave marin now! get out before the schools turn to rubble and the roads become impossible to navigate.

Jul 24, 2007, 3:21:00 PM  

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