TG, I agree that some people wouldn’t even consider that place even if it’s asking for $200k. But I don’t think it’s any more of a poster child of this bubble than most other places in CA. This house did not just got expensive recent with the bubble. If you look at past sales history, it was sold for $325k in 1986. Here’s a frame of reference, in 1987, this house in La Jolla was sold for $335k. They’re asking for $1,578,000 to $1,650,000 right now. As you can see, it’s priced very similar to this La Jolla house from as far back as 1986 up to recently, before the massive REO price cut. Do you get my point?
“larrylujack, does it really matter if it’s a castle or a dump? $600k off asking from last sold is still $600k, however you slice it.”
Well, I think it does matter since it was obviously either purchased as a flip by a dim bulb or fraudulently since I find it hard to imagine anyone buying that s…hole as a personal residence for 1.7 mil even at the peak of the bubble. There is therefore not much surprise that reality set in and the junk hole is being sold for much less now. But, I certainly do not disagree that mathematically speaking the reduction is significant.
“larrylujack, does it really matter if it’s a castle or a dump? $600k off asking from last sold is still $600k, however you slice it.”
Well, I think it does matter since it was obviously either purchased as a flip by a dim bulb or fraudulently since I find it hard to imagine anyone buying that s…hole as a personal residence for 1.7 mil even at the peak of the bubble. There is therefore not much surprise that reality set in and the junk hole is being sold for much less now. But, I certainly do not disagree that mathematically speaking the reduction is significant.
“larrylujack, does it really matter if it’s a castle or a dump? $600k off asking from last sold is still $600k, however you slice it.”
Well, I think it does matter since it was obviously either purchased as a flip by a dim bulb or fraudulently since I find it hard to imagine anyone buying that s…hole as a personal residence for 1.7 mil even at the peak of the bubble. There is therefore not much surprise that reality set in and the junk hole is being sold for much less now. But, I certainly do not disagree that mathematically speaking the reduction is significant.
“larrylujack, does it really matter if it’s a castle or a dump? $600k off asking from last sold is still $600k, however you slice it.”
Well, I think it does matter since it was obviously either purchased as a flip by a dim bulb or fraudulently since I find it hard to imagine anyone buying that s…hole as a personal residence for 1.7 mil even at the peak of the bubble. There is therefore not much surprise that reality set in and the junk hole is being sold for much less now. But, I certainly do not disagree that mathematically speaking the reduction is significant.
“larrylujack, does it really matter if it’s a castle or a dump? $600k off asking from last sold is still $600k, however you slice it.”
Well, I think it does matter since it was obviously either purchased as a flip by a dim bulb or fraudulently since I find it hard to imagine anyone buying that s…hole as a personal residence for 1.7 mil even at the peak of the bubble. There is therefore not much surprise that reality set in and the junk hole is being sold for much less now. But, I certainly do not disagree that mathematically speaking the reduction is significant.
