Friday, March 23, 2007

Waiting for Mr. Market to Catch Up to Their Marin Wishing Prices

I first blogged this Inverness POS on the Marin POS blog back in November of 2005. It should come as absolutely no surprise (except, perhaps, to the most delusional of the we're-so-special-everyone-wants-to-live-here Marin RE bulls) that this "cottage" is still on the market. Yes folks, it seems that a converted boat garage on approximately 1.75 acres, all but 0.1 acre of which floods each winter and where there is a haphazardly constructed dike to keep the water out of the premises, does not appeal at Marin's going rate. So the real Days on Market statistic is what, like 450 days? Plus or minus? I'm sure the "official" DOM has been reset multiple times to try and make it look fresh.

But anyway, the other day I drove past it and lo, there it was still with the "for sale" sign out front. The heirs have stubbornly not given up (bless their greedy little black hearts) but the listing agent(s) seems to have given up as can be seen in this pic:

Just look at that "for sale" sign. It's in tatters. Apparently, the listing agent doesn't care any more. Here's a close-up:

This POS started its market life at $790,000. It was later dropped to $659,000. It is now at...actually, I don't know! Does anyone have any info on this one?

* * *

While searching for the current wishing price of the above Inverness POS I happened to notice (surprise, surprise) that no one seems to have fallen for this Forest Knolls winner either:

I originally blogged it in February, 2006 and at that time the wishing price was $449,000; it is now offered at $399,000. This must be a hot property because the listing now says it has been on the market for only 6 days.


Blogger Rob Dawg said...

OMFG, this POS is still asking? New term. This one has gone from "wishing price" to "pleading price."

Mar 23, 2007, 2:03:00 PM  
Anonymous Anonymous said...

Just checked the listing price for this POS. It is $624K.

Mar 23, 2007, 5:00:00 PM  
Anonymous Anonymous said...

I missed you


Mar 23, 2007, 5:43:00 PM  
Blogger Athena said...

WooHOO!!!! Yay! Marinite is bringing cheeky back!!!! Welcome back friend!

Mar 23, 2007, 6:05:00 PM  
Anonymous Anonymous said...

I'm so glad you're back! I thought we had lost you, so please know that you were greatly missed during your blogosphere absence.

Mar 23, 2007, 7:32:00 PM  
Anonymous Anonymous said...

Ahhhh! The bubble blog with a sharp tongue and wry wit. You were gone so long I forgot how cleverly creative you are. I'm not nearly the wordsmith you are, but I think I feel safe saying "A'int no one do that voodoo like you do." Welcome back!!!

Mar 23, 2007, 9:59:00 PM  
Anonymous Anonymous said...

It great to have you back to keep pot stirred!!!!!

Mar 23, 2007, 11:52:00 PM  
Blogger Daddy said...

More post, more posts, Oh Great One, please! We miss your blog.

Mar 24, 2007, 5:29:00 AM  
Anonymous Anonymous said...

Just look at that "for sale" sign. It's in tatters. Apparently, the listing agent doesn't care any more.

I'll guess some local had a go at that sign for the gentrified boat shed. During the peak, can anyone guess how many realtors were beating on doors in Inverness to see if they'll sell?

Mar 24, 2007, 11:16:00 AM  
Blogger Marinite said...

I'll guess some local had a go at that sign for the gentrified boat shed.

Actually, I think it was most likely the wind that battered it to pieces.

Mar 24, 2007, 11:48:00 AM  
Anonymous Anonymous said...

Welcome back Marinite and just in the nick of time. Your blog is needed to provide the necessary counter-punch to the inevitable spring Kool-Aid aide binge that will be perpetrated on the lot of us by real estate rank and file..

Mar 25, 2007, 7:45:00 AM  
Anonymous Anonymous said...

Welcome back, Marinite. It would have been a shame to watch the bubble burst without you.

Mar 25, 2007, 11:19:00 PM  
Anonymous Anonymous said...

Rare Waterfront Property on Tomales Bay in Old Inverness.Cozy redone one bedroom cottage with spectacular views of the Bay and Black Mountain. Enjoy your own private beach. Own a piece of the Bay.A great getaway retreat/second home,investment opportunity or vacation rental.This is an extremely rare opportunity to own PRIME BAY FRONT REAL ESTATE!! Priced for a quick sale!!!

That is the real estate agent write up for that Inverness POS. The reality of the property and this write-up are so discordant that it makes me sick. This sort of thing, "hucksterism" as one reader put it in another thread, is why the real estate industry is losing or lost its credibility.

Mar 26, 2007, 9:49:00 AM  
Blogger bub said...

Welcome back, Marinite!

btw down here in San Diego I see the same "tattered" signs. At least a dozen so far.
Personally I think the "youts" are going Bruce Lee on the signs. Or possibly it's FB's?

Mar 26, 2007, 12:40:00 PM  
Anonymous Anonymous said...

looove your wry humor

Apr 4, 2007, 6:55:00 PM  

Post a Comment

<< Home

Terms of Use: The purpose of the Marin Real Estate Bubble weblog (located at URL and henceforth referred to as “MREB” or “this site”) is to present and discuss information relating to real estate and the real estate industry in general (locally, state-wide, nationally, and internationally) as it pertains to the thesis that recent real estate related activity is properly characterized as a “speculative mania” or a “bubble”. MREB is a non-profit, community site that depends on community participation and feedback. While MREB administrators do strive to confirm all information presented here and qualify all doubtful items, the information presented at MREB is neither definitive nor should it be construed as professional advice. All information published on MREB is provided “as is” without warranty of any kind and the administrators of this site shall not be liable for any direct or indirect damages arising out of use of this site. This site is moderated by MREB administrators and the MREB administrators reserve the right to edit, remove, or refuse postings that are off-topic, defamatory, libelous, offensive, or otherwise deemed inappropriate by MREB administrators. You should consult a finance professional before making any decisions based on information found on this site.

The contributors to this site may, from time to time, hold short (or long) positions in mentioned and related companies.