50% price drop in Phoenix Condos

[powayseller]

Wow! Did anyone read the Housingbubbleblog entry about the Phoenix condos? They are in a prime location. I lived in Phoenix, so I know where they are.

From $949K to $475K. I wonder how low they’ll go by next year…

And I wonder if our downtown condos will be similarly priced soon. Naaaaah, after all, we’re special. We’re near the ocean. Will that matter?

[lostkitty]

I’m guessing it was an oversight… the link sends us to an “organic..” something or other website.

[powayseller]

correct link.

Hope you enjoyed the Organic link; that’s my other passion, besides housing/investing. Sorry for the wrong link though.

[lostkitty]

I actually did enjoy it! I too am very concerned with the chemicals/etc in our foods. We bought some milk recently that had suck a bad chemical aftertaste that i had to pour it all out.
I’ve taken to cutting all the skin off our apples, etc. like the Japnese do. Too much residue.

[lindismith]

It will be interesting to see what they actually sell for. It says the 50% is the opening bid, not necessarily what they will sell for. Powayseller, do you have time to track, and let us know what they go for?

On the organic thing – yep, I don’t even shop at ‘regular’ supermarkets anymore. Vegetables, meat and fruit at the regular places seem to have lost all their taste, so the organic is worth spending a bit more.

[powayseller]

There are some on this forum who are great at tracking price reductions. Perhaps someone else will come forward…

[Anonymous]

Me thinks you are as guilty as the press for pimping RE. Calling an auction with an INITIAL BID of 50% below the previous asking price is far from a 50% price reduction. We wont know until it actually sells and this was a pretty deceptive post.

[powayseller]

You’re right, I missed that it was an auction starting at 50% off.

However, that is very significant. Auctions usually start at market rate, so I assume either the market rate is 50% off, or they are hoping to get a bidding war going.

sdrealtor, how do the lenders usually price their auctions? Is it market rate?

[Author]

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