I know most houses on that side of street have very good ocean view, but also very loud freeway noise. This house has freeway noise, but NO nice view. No wonder it’s so hard to sell.
I bought my 1st house in 1993 and that house was pre-foreclosed. Back then, homeowners cut prices a lot and very quick to avoid being foreclosed since most had 20% down plus good credit to buy houses. During this housing bubble, flippers & buyers bought houses with zero down and bad credits. So, they are not willing to cut prices. Some even ask for 20% more from the peak since they have NO money or No credit to lose. They enjoy free rents, kick back, relax and wait for lenders to foreclose. Also, most of them think they are genius since they flipped houses for insane huge profits.
I feel the quality of homeownership has been highly deteriorated by this housing bubble and corrupted lending system. Eventually, we as good honest citizens have to share the loss of the crash!
