BSR it is hard to say. I have said it before and will say it once more, that is, I believe there is a fundamental misunderstanding about buyer behavior on this site. I cannot argue about the fundamental message from many on this site about how much money can be saved by waiting to buy. No argument at all. Yet there were still 25,000 homes sold this year! That does not include FSBO’s and perhaps other new home sales right? So what drives all these people? Surely many of them know the market is down and moving downward… so what drove them?
It is not all about the money right? I know many people who bought this year. Many of them are quite successful, intelligent, and understand the market dynamics and direction. The factors that drove them to buying obviously outweighed the depreciation factor.
Don’t get me wrong, I am not advocating a strong buyers market or anything like that…
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Sorry for the detour… getting back to your question…who knows what the heck happened with Stella. There is another REO nearby on Mesa Norte that is not on the MLS yet and it went REO awhile ago. I posted about this home last spring because the owners tried to avoid foreclosure by transferring slices of title to entities they would start up. It was quite interesting. Eventually they were chased down and lost the home.
As for Stella yeah he closed escrow in 7/05 and put it on the market by 8/06. Was it pure speculation? Perhaps. Hard to say man… Most speculators don’t throw down 300k of thier own money though… so for this case my read would be doubtful but that is just a guess.
