The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: orkrious who wrote (60163)	11/6/2006 8:01:31 AM
From: orkrious	Read Replies (3) of 306849

Fast forward to today. There are 14 condos for sale in my complex. Not one has sold this year. People are desperate. Units that people paid $240k for a few years ago are asking $219k. Someone who paid $225k just lowered their asking price to $199k. An update on my August post...from the Michigan front lines... Not one condo unit in my complex has sold through an agent this year. On Saturday there was an absolute auction on a unit. I was out of town so I sent my stepson to observe. The brochure said that the auction was to settle the estate of the owner. I don't know whether or not the heirs just wanted to get rid of it, whether it was to settle debts, or whether a bank owned it. There were roughly 10 people there who registered to bid. The winner paid $160,000 plus a 10% auction fee.

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