I’m posting this because the house is just a few blocks from my own and there are five lots with “For Sale” signs between us, each with 10-15 finished lots waiting for homes to be built. That might explain why this guy is racing to the bottom.

Click the link for the full listing, here are the relevant details:
 
Sales History
Dec 19, 2005 $460,639
 
Listing Price History
Sep 02, 2007 $534,900
Sep 10, 2007 $529,000
Sep 12, 2007 $519,000
Sep 30, 2007 $510,000
Oct 13, 2007 $499,900
Jun 18, 2008 $485,000
Jul 14, 2008 $475,000
Aug 01, 2008 $449,000
Aug 13, 2008 $410,000
Source: NWMLS
 
I have no idea how much they put down when they bought the place, but a $50k loss in less than 3 years combined with 356+ on the market tells me that not even driving that Jaguar brings any joy into their life. Considering the number of projects that have been sitting idle (streets and curbs, but no homes) for the last year with no offers from builders, the prospects for this homeseller are not good.

That’s a cute house Nude.

Looks like Seattle is finally starting to cave ?

Last quarter almost 16% of pending sales in King County fell though. That’s 3 times the average over the previous 7 years. This house is in very quiet subdivsion, a few minutes away from a freeway, and had he tried to sell it in March of 07 he probably would have gotten his asking price. I’m actually surprised it’s still unsold @  less than $450K. So yes, Seattle has finally caught up to the rest of the country. Since seeing this, I’ve had to rethink my estimates of what our own place would sell for in the near term. 

We just got our property assessment and the assessor finds that the value
has dropped $30,000 since last year.  The assessors findings are usually
way low in Dade.  Now I regard them as more or less accurate.
Here in Brevard, I don’t know. 

Historically, it’s rare or never that assessors lower valuations, altho as
I said they are usually ‘way to low.

Lucky I don’t want to sell for the foreseeable future.  No for sale signs
at all on this part of our street.  Only 2 people have been here for less than
7 or 8 years, so I don’t think anybody is underwater.

Can you guys still get financing for an under 417k loan?

Time to go short on the Seattle Case & Shiller index.

Here is an example of serious price reductions in Malibu.  http://www.redfin.com/CA/Malibu/26258-Fairside-Rd-90265/home/6854379

Sales
Oct 27, 2004 $427,854 —
Jan 03, 2005 $375,000 -50.7%/yr
Dec 06, 2007 $1,250,000 51.0%/yr

Current price
699,900

44% off in less than a year.  There are an assortment of others 30%+ off.  I am trying to find a way to confirm, but it looks like about half of the sales which occured in Malibu in the last two months are trustees’ sales.

Beds:  4
Baths:  3
Sq. Ft.:  1,796
$/Sq. Ft.: $390
Lot Size:  5,955 Sq. Ft. 
Property Type Detached, Single Family Residence
Year Built: 1976
Stories: 3+ Levels
View: Canyon, Hills, Mountain, Panoramic

Looks like there was a fire (uh, arson?) in the house.  I’m totally stealing one of the pics to post on the funky listing photo thread. 

I wonder if they can even get fire insurance in these canyons?

Trooper - 23 August 2008 11:37 AM

Looks like there was a fire (uh, arson?) in the house.  I’m totally stealing one of the pics to post on the funky listing photo thread. 

I wonder if they can even get fire insurance in these canyons?

Yes, CA FAIR plan

$59,900
2 br 2 ba sqft
Single-Family Home
43621 Pecos Court, Lancaster CA

Sales History
Historical home sale price (1): $193,500
Prior sale date: Dec 24, 2007
Change since this sale (1): -69%
 
Historical home sale price (2): $250,000
Prior sale date: Jul 6, 2006
Change since this sale (2): -76%
 
Historical home sale price (3): $78,500
Prior sale date: Oct 3, 2001
Change since this sale (3): -24%

http://www.trulia.com/property/1066593998-43621-Pecos-Ct-Lancaster-CA

76% off of peak 2006 price.

Update: New price on 19914 83rd Pl NE as of 9/3… $399,950! That’s 60k below the “New Home” price it sold for in 2005.