This POS was featured on the Marin POS blog and can be viewed by clicking here. It points out that it is not just the poor peons of Marin who are starting to deal with price declines.
Price Reduced: 07/10/06 -- $5,900,000 to $4,950,000 (-17.2%)I don't know what the last purchase price was and I don't really care; I am sure the owners will make money if they sell. But what surprised me was the $1 mill price drop.
Days on market: 297
Zillow.com's "zestimate": $1,687,970
And it also points out what some Marin sellers are doing now... "testing the water". Some Marin sellers are clearly not seriously putting their property on the market as evidenced by the fact that their asking prices are at peak bubble pricing of around August, 2005. They are hoping to catch that one last FB fish out there or as one RE/MAX Equity Group broker put it: waiting for a buyer "with a bucket of money and a box of stupid".
10 comments:
Bucket of money and a box of stupid- Oh, man... I wish I would have thought of that one.. that's awesome!
With sales activity in the $4M+ market very slow, I have to wonder what sellers should do to make a sale? Delist/Relist/Reduce?
It seems like this is not a serious seller if the zestimate is less than 65% of the asking price. Zillow couldn't be that far off, could it?
Oops. I mean 65% off of the asking price. Or 35% of the asking price.
Bubbletracker said...
Bucket of money and a box of stupid- Oh, man... I wish I would have thought of that one.. that's awesome!
Me TOO!!!
I have 7 buckets of money and 5 boxes of stupid!!!
I offer 7.5 million for this wonderful POS.
Can I get an agent?
I will buy today!
A bucket of money and box of stupid
Great line, coined by a broker in Bend, OR.
”It's hard to tell how sellers will react to the upwelling of inventory, Foster noted. Some are selling because they have to sell. Others are just testing the waters at intentionally high prices, trying to see whether a buyer "with a bucket of money and a box of stupid" will show up to pay too much.”
Maybe there’s a few sellers in Marin, Sonoma, etc. that fit that description too. But where have all the greater fools gone?
For the record, I credited the coiner of that phrase in the orginal post but maybe the link was hard to find. Anyway, thanks for reiterating it.
I credited the coiner of that phrase in the orginal post
You're right--LOL. I thought the context was funny too. If that happens in Bend, OR, it certainly happens here.
All I know is we sold our old house in August of 2005. The house next door (original owner, since 1954), excellent condition, is currently asking about 4 1/2% more than we sold for. It's been on the market about 8 weeks, originally asking 9% more than we got.
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