As the original gleeful poster of this inflammatory headline I must say a couple of things.
It’s nothing personal, but I was indeed very happy to see this f@#ked buyer taking a “bloodbath” because it’s a sign that the market is finally returning to its fundamentals. This crazy bubble is over and the market is returning to sanity. Yippppeeee! What is the matter with that ?
You all can imagine my horror when I saw the “tickler” price of $595k being withdrawn and then upped to $675k. My guess that this was a marketing ploy to generate a mini-frenzy. It seemed to do the trick, since the recorded sales price is $681k. I remain astonished at the stupidity of this new buyer who rescued this very lucky flipper. It lends credance to the old saw that there is always a greater fool.
To those of you who were offended by my glee and inflammatory headline, I apologize insofar as it may have been premature. I hope you’re all happy that your precious, teetering real-estate bubble is still alive and well in Kensington…at least for a while longer. But if you’ve got eyes in your head and if you have learned anything from our very sage Rich, surely you see that this is not the time to be paying top-dollar for real-estate ? For God’s sake rent a similar place in the same neighborhood until the prices come down to reality, as they surely will. It will save you hundreds of thousands of $$$ over the longterm.
Irish
