Well I have to say that the idea that the high end is immune has been completely debunked with this one. This closed under the May 2001 price. This would put it at 2000-2001 pricing. This has been my prediction for the bottom for some time. I did not expect this to happen so soon. I’m stunned. While the low to mid range is being supported by the government, the high end is falling off a cliff.
Here is a similar listing without the fancing landscaping but with more sq. footage for 1.3M. Fully approved short sale.
Both great houses and both look like firmly 2001 pricing. it was a short sale and ended up selling a few hundred K below the list price. A “free open market” sale probably could have gotten a tad more. The second listing was actually the model and sold for $1.18M in 2000 so it was already landscaped and ready to go. I had a client look at it about a year ago when they were trying for $2.1M (we laughed). The $1M+ market is really tough now because there is the perception that there is no decent financing out there. Buyers look at at 8% rates and say they want 5% just like the conventional market. Of course they dont factor in that the 5% rate is gov’t subsidized by a percentage or two.
Both great houses and both look like firmly 2001 pricing. it was a short sale and ended up selling a few hundred K below the list price. A “free open market” sale probably could have gotten a tad more. The second listing was actually the model and sold for $1.18M in 2000 so it was already landscaped and ready to go. I had a client look at it about a year ago when they were trying for $2.1M (we laughed). The $1M+ market is really tough now because there is the perception that there is no decent financing out there. Buyers look at at 8% rates and say they want 5% just like the conventional market. Of course they dont factor in that the 5% rate is gov’t subsidized by a percentage or two.
Both great houses and both look like firmly 2001 pricing. it was a short sale and ended up selling a few hundred K below the list price. A “free open market” sale probably could have gotten a tad more. The second listing was actually the model and sold for $1.18M in 2000 so it was already landscaped and ready to go. I had a client look at it about a year ago when they were trying for $2.1M (we laughed). The $1M+ market is really tough now because there is the perception that there is no decent financing out there. Buyers look at at 8% rates and say they want 5% just like the conventional market. Of course they dont factor in that the 5% rate is gov’t subsidized by a percentage or two.
Both great houses and both look like firmly 2001 pricing. it was a short sale and ended up selling a few hundred K below the list price. A “free open market” sale probably could have gotten a tad more. The second listing was actually the model and sold for $1.18M in 2000 so it was already landscaped and ready to go. I had a client look at it about a year ago when they were trying for $2.1M (we laughed). The $1M+ market is really tough now because there is the perception that there is no decent financing out there. Buyers look at at 8% rates and say they want 5% just like the conventional market. Of course they dont factor in that the 5% rate is gov’t subsidized by a percentage or two.
