Thursday, September 11, 2008

This might be a record

This might be a record for the number of price reductions. 25 price reductions in just under 4 months on the market!

8079 Golden Star, Riverside. It's in a good area of Riverside and it sits on 1.4 acres. The home was purchased in 2006 for $945k. Now they are asking $529k. Of course it's a short sale. You gotta give this guy credit for trying. At least he is not like most people that stubbornly hang onto the dream of "not giving it away". This guy has made the right moves. If it doesn't sell reduce the price. The problem is the high end of the market is at a standstill. And the homes that are selling are the pearls and even those have to be priced right.

Check out the price reductions, some are only a day apart and two are on the same day.

May 20, 2008 $899,000
May 23, 2008 $889,000
May 29, 2008 $879,000
Jun 02, 2008 $869,000
Jun 04, 2008 $859,000
Jun 10, 2008 $849,000
Jun 10, 2008 $839,000
Jun 13, 2008 $829,000
Jun 16, 2008 $819,000
Jun 19, 2008 $809,000
Jun 24, 2008 $799,000
Jun 27, 2008 $789,000
Jul 03, 2008 $779,000
Jul 07, 2008 $769,000
Jul 09, 2008 $749,000
Jul 14, 2008 $739,000
Jul 17, 2008 $699,000
Jul 23, 2008 $649,000
Aug 01, 2008 $629,000
Aug 05, 2008 $619,000
Aug 13, 2008 $599,000
Aug 21, 2008 $579,000
Aug 25, 2008 $569,000
Aug 26, 2008 $559,000
Sep 03, 2008 $539,000
Sep 10, 2008 $529,000


ButterMonkey said...

Well, I should be able to afford that by Halloween. LOL!

golfer_X said...

Wait till spring. Then you'll get paid to take it.

Allison said...

Ha! I live around the corner from this house. We are looking to buy and haven't looked at this one yet. I think I'll wait until it forecloses.

golfer_X said...

Don't get too wound up to buy just yet, There's still a lot of downside risk in this market. it's gotten much worse in the last month with the foreclosure numbers accelerating again and the financial markets coming unglued. If you can't buy for 2000/2001 prices then wait or move on to the next house. I'm in a similar boat. My house is way too small for me and the family. I hate it, but I'm not going buy when prices are dropping 3% a month.

That house sold for $500k in 2003. That would put its value in the mid to high 300s in 2001. It will probably be there again a year from now

Allison said...

Yep, I just wrote a post on my own blog about trying to wait for the market to fall. It's hard, because we need to move ASAP. Might end up renting for a year...