Quarter of a million dollars for an apartment?? And so far inland!!! What were these people smoking? This is proof of how crazy things got during the now defunct bubble.
The $50K loss in an understatement, as the POS will likely sell for less than the new $192K asking price, not to mention carrying costs and 6% sales comission.
From Zillow: It’s a 1/1, 688 sf, built in 1974. What a joke. Probably it can be rented for no more than $1100, which tells me that its true value can’t be much more than $130K.
I just received a flyer from Havnanian Homes on Cortez Blu & Gaslamp Square.
The front says:
“Hurry in and see what everyone is talking about.. before it is too late!” —- Yep, people are talking… about reductions.
On the back it says:
“Homes like these with prices like this won’t last forever!” —- Because we are reducing next week….
I haven’t actually heard of, or sign a flyer where the developer said they were reducing next week. Usually its price reduced! Come on in. No mention of previous prices, just the shiny new one.
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