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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (49424)	3/3/2006 6:58:04 PM
From: Schnullie	Read Replies (2) \| Respond to of 306849

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.

To: Lizzie Tudor who wrote (49424)	3/6/2006 11:39:22 AM
From: Live2Sail	Read Replies (1) \| Respond to of 306849

I haven't seen it but if Live2sail's post is correct and there are houses available in Palo Alto under one million (nice ones) - that is significantly below what was offered there one year ago. I'd say 10% minimum. "Nice" is, of course, relative. Go to mlslistings.com and plug in palo alto and pick the type of house (I use 3bd/2ba). Decide for yourself. It would appear that different agents have different pricing strategies. I'd give you a direct link, but Amy J says that it doesn't work.