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

To: Live2Sail who wrote (82255)	7/27/2007 7:46:24 PM
From: GraceZ	Respond to of 306849

And what's with the postage stamp-sized picture? I think it was a web challenged agent. It's an agency that I've never heard of which leads me to believe it's really a RE flip operation. When we sold our rental, my stipulation was that I would provide them with all the pictures. These guys use their cell phones to take pictures. The $185k house is one I pass all the time, it's not a dump by any stretch. I think it's a speculator who is trying either to stir up a bidding war or someone is in serious financial distress. The recent comps on the street are between $265-289. Only houses that needed to be gutted have been priced anywhere near there in the past six months. Nothing in the city in a neighborhood you'd want to live in is selling down there. It's a few blocks away from houses selling for half a million. It has the exact same layout as ours did, but it may not have the same original detail (skylights, tin ceilings, mantel, hard wood floors, etc). The catch is that you have to pay cash and we're a little short of cash buyers in the city right about now simply because anyone with cash (like me) has been around long enough to know that the downside of a RE boom in a city like B-more (a city that is losing population every year) can be breathless. We thought we picked the bottom buying in at 50k in '91 only to have a good friend get an even better deal down the street for $35k two years later. It was a long hold. In a normal market those houses are worth about $120k.

To: Live2Sail who wrote (82255)	7/27/2007 7:51:28 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 306849

Around here you'd pay $1M+ for a house that might get 2500 in rent I keep telling people that on this thread but they don't believe me.