In the last four months at the end of my street, three houses went on the market. One was a luxury home with a swimming pool for a million-plus in a $450,000 neighborhood; another an eyesore for $499,000 that should be razed, and a well-kept house in need of renovation for $319,000.
The luxury-home owners are sticking to their price and getting no traffic. The eyesore has dropped to $399,000, and still no one comes.
The $319,000, which we all considered a bargain, went in less than a week, and is in the middle of renovation by the remodeling contractor who plans to live there.
the contractor was smart, the owner of the million plus home in the $450k neighborhood? clueless
when home prices finally find their "bottom", smart buyers will pick up the LEAST expensive homes in the MOST expensive neighborhoods that they can afford, and are willing to spend at least 5 years there |
