[quote]”The sellers think the market’s coming back. They’ve tacked on an extra 5 to 10 to 15%. The buyers aren’t going for it,” says Jim Klinge, a real-estate agent in Carlsbad, Calif. Over the next six months, “it’s going to feel like a double-dip because sellers are going to have to lower their prices.”

[/quote]

Jim is right of course. I’ve seen it in my neck of the woods as well. a couple of resales sold for a decent price, and suddenly everyone that bought at the peak thought they can start unloading at near peak pricing. thus creating a glut of inventory. in the end, the short sales/foreclosures priced at $200k less end up being the only ones sold.

[quote]”The sellers think the market’s coming back. They’ve tacked on an extra 5 to 10 to 15%. The buyers aren’t going for it,” says Jim Klinge, a real-estate agent in Carlsbad, Calif. Over the next six months, “it’s going to feel like a double-dip because sellers are going to have to lower their prices.”

[/quote]

Jim is right of course. I’ve seen it in my neck of the woods as well. a couple of resales sold for a decent price, and suddenly everyone that bought at the peak thought they can start unloading at near peak pricing. thus creating a glut of inventory. in the end, the short sales/foreclosures priced at $200k less end up being the only ones sold.

[quote]Not all sellers will take that step. Jerry Anderson has listed his four-bedroom home in Dana Point, Calif., on and off the market for the last two years. He’s cut the price to $1.25 million, down from $1.75 million, but hasn’t had any offers on the home, which has three fireplaces and ocean views.

Mr. Anderson, who bought the home in 1987, says he’ll take it off the market in December if it doesn’t sell rather than cut the price. [quote]

[img_assist|nid=13653|title=dana point million dollar mansion|desc=|link=node|align=left|width=100|height=67]

This is Mr. Anderson’s 1.75 million dollar mansion that he is discounting at $1.25!

it is 2800 sqft on 10,000 sqft lot and first purchased for $400k back in 1987. backing up to a busy street.

I say just take the home off listing. there’s a similar sqft home with less upgrades going for $1.06 in the same tract.

[quote]Not all sellers will take that step. Jerry Anderson has listed his four-bedroom home in Dana Point, Calif., on and off the market for the last two years. He’s cut the price to $1.25 million, down from $1.75 million, but hasn’t had any offers on the home, which has three fireplaces and ocean views.

Mr. Anderson, who bought the home in 1987, says he’ll take it off the market in December if it doesn’t sell rather than cut the price. [quote]

[img_assist|nid=13653|title=dana point million dollar mansion|desc=|link=node|align=left|width=100|height=67]

This is Mr. Anderson’s 1.75 million dollar mansion that he is discounting at $1.25!

it is 2800 sqft on 10,000 sqft lot and first purchased for $400k back in 1987. backing up to a busy street.

I say just take the home off listing. there’s a similar sqft home with less upgrades going for $1.06 in the same tract.

[quote]Not all sellers will take that step. Jerry Anderson has listed his four-bedroom home in Dana Point, Calif., on and off the market for the last two years. He’s cut the price to $1.25 million, down from $1.75 million, but hasn’t had any offers on the home, which has three fireplaces and ocean views.

Mr. Anderson, who bought the home in 1987, says he’ll take it off the market in December if it doesn’t sell rather than cut the price. [quote]

[img_assist|nid=13653|title=dana point million dollar mansion|desc=|link=node|align=left|width=100|height=67]

This is Mr. Anderson’s 1.75 million dollar mansion that he is discounting at $1.25!

it is 2800 sqft on 10,000 sqft lot and first purchased for $400k back in 1987. backing up to a busy street.

I say just take the home off listing. there’s a similar sqft home with less upgrades going for $1.06 in the same tract.

[quote=ocrenter][quote]Not all sellers will take that step. Jerry Anderson has listed his four-bedroom home in Dana Point, Calif., on and off the market for the last two years. He’s cut the price to $1.25 million, down from $1.75 million, but hasn’t had any offers on the home, which has three fireplaces and ocean views.

Mr. Anderson, who bought the home in 1987, says he’ll take it off the market in December if it doesn’t sell rather than cut the price. [quote]

[img_assist|nid=13653|title=dana point million dollar mansion|desc=|link=node|align=left|width=100|height=67]

This is Mr. Anderson’s 1.75 million dollar mansion that he is discounting at $1.25!

it is 2800 sqft on 10,000 sqft lot and first purchased for $400k back in 1987. backing up to a busy street.

I say just take the home off listing. there’s a similar sqft home with less upgrades going for $1.06 in the same tract.[/quote]
3 houses down is listed for $985k. 200 sf smaller – but is 200sf worth $235k?

[quote=ocrenter][quote]Not all sellers will take that step. Jerry Anderson has listed his four-bedroom home in Dana Point, Calif., on and off the market for the last two years. He’s cut the price to $1.25 million, down from $1.75 million, but hasn’t had any offers on the home, which has three fireplaces and ocean views.

Mr. Anderson, who bought the home in 1987, says he’ll take it off the market in December if it doesn’t sell rather than cut the price. [quote]

[img_assist|nid=13653|title=dana point million dollar mansion|desc=|link=node|align=left|width=100|height=67]

This is Mr. Anderson’s 1.75 million dollar mansion that he is discounting at $1.25!

it is 2800 sqft on 10,000 sqft lot and first purchased for $400k back in 1987. backing up to a busy street.

I say just take the home off listing. there’s a similar sqft home with less upgrades going for $1.06 in the same tract.[/quote]
3 houses down is listed for $985k. 200 sf smaller – but is 200sf worth $235k?