But the point is it wasn't a rush sale. If he put it on the market and sold it in a week for a huge loss that would be one thing. But, he had it on the market for two years...chasing the market downhill....Before finally selling at way less than the purchase price.
We hear on this board a lot that luxury homes won't get hit very hard...
We hear that homes in Portland are still increasing.....
This is a good example of a big loss that wasn't by a desperate seller.
Farls, you heard that the "median" in Portland is still rising. I can assure you that prices are dropping rather precariously from the peak last year. I just sold my house there this year for 10% less than 2 of the exact model sold for last spring, if anything mine was in better shape with all new floors, paint, etc. This was in a rather nondistinct neighborhoor, no lot premiums, etc. Although you may have heard many times that the median doesn't really tell you anything about what specific house prices are doing, it doesn't really slap you in the face like a large fish until you actually go to sell your house.
that's like you and me losing $3k. I don't think he'll lose much sleep over it.
But the point is it wasn't a rush sale. If he put it on the market and sold it in a week for a huge loss that would be one thing. But, he had it on the market for two years...chasing the market downhill....Before finally selling at way less than the purchase price.
We hear on this board a lot that luxury homes won't get hit very hard...
We hear that homes in Portland are still increasing.....
This is a good example of a big loss that wasn't by a desperate seller.
farls
Farls, you heard that the "median" in Portland is still rising. I can assure you that prices are dropping rather precariously from the peak last year. I just sold my house there this year for 10% less than 2 of the exact model sold for last spring, if anything mine was in better shape with all new floors, paint, etc. This was in a rather nondistinct neighborhoor, no lot premiums, etc. Although you may have heard many times that the median doesn't really tell you anything about what specific house prices are doing, it doesn't really slap you in the face like a large fish until you actually go to sell your house.
Is there a Case-Shiller index for Portland? What does that show?
who doesn't fret over money loss? I would fret at $100 lost due to stupidity, I would really fret over 3k being lost over it
18000 sf at $2.95 million is not bad. It would cost quite a bit more in San Diego.