Wednesday, November 28, 2018

Some houses have fallen to 2007 prices again.

An interesting theme popped up this morning as I was browsing the MLS. The middle market and upper market seem to be stuck in time. I mostly only follow the starter and middle market. Unless some other trend stands out.

A house on the same street that our first house was on - is now listing for 25 grand less than when we sold it for right before the recession 2006. (exact same model. Same square feet. Current updating.)

That neighborhood has gained zero price appreciation in 11 years. Luckily the house was snapped up at a huge discount during the recession in 2010. So they are going to do fine. But that is a little crazy to see considering the constant barrage of headlines about how housing is too expensive.

This also cropped up on the high end. A foreclosure caught my eye. 5000 sqft house. Same scenario. House was last sold in 2007 and had gained zero equity. I bet those people were just tired of fighting and with the prices going down - you can't blame them really.

The low end market though - that is where the pain is.

5 comments:

Capital of Texas Refugee said...

That funky little Chinese house in Coral Gables I mentioned many months ago?

It finally sold for $1.175 million back in June.

However, I'm seeing online valuations for it at $936k, about half of the original asking price.

Ouch.

PANIC NOW AND AVOID THE RUSH ... oh, wait.

PANIC FIVE MONTHS AGO AND YOU'D HAVE AVOIDED THE RUSH :-)

she said: said...

Wow. That's a pretty good haircut. And all your foreign buyers are drying up.

I'm not really into buying million dollar houses. They are hard to turn. I'm more into buying shitty houses in good neighborhoods.

Capital of Texas Refugee said...

SNARKOLEPSY'S TRAP HOUSE

You need a sign like that. :-)

she said: said...

No Baby. That's buying shitty houses in bad neighborhoods.

Capital of Texas Refugee said...

She's got a TRAP ... HOUSE ...
It's mighty blighted, just lettin' it all rot out
She's got a TRAP ... HOUSE ...
She likes excess concrete stacked and that's a fact
Ain't anythin' holdin' that back
She's got a TRAP ... HOUSE

Shake it down, shake it down now
Shake it down, shake it down now
Shake it down, shake it down now
Shake it down, shake it down now
Shake it down, shake it down now
Shake it down, shake it down now
Shake it down, shake it

:-)