were already seeing some pretty dramatic price compression in the bay area imho.
ditto for the East Bay, where I live. The house down the block from us (5 BR/2BA) was bought in June '05 for $840,000, went on the market in Oct '05 at $1,050,000, was reduced to $998,000, then $988,000, and just sold for about $930,000. Factor in a $5k monthly burn rate for 9 months, $50k in upgrades, and $70K in closing costs and this the flipper is lucky to escape with his shirt.
Nine months on the market, two price reductions, final sale at way below ask. I suspect this flipper is hanging up his flippers for a long long time. |
