Sunday, January 4, 2009
The price is wrong B'tch!
How long does it take a bank to realize the "price is WRONG B'tch". I give you an REO, that's been on the market Two Hundred and Fourteen fa-reeking days. And the listing still says "hurry before it's too late". hahahahaha
16418 Village Meadow Dr. in the Lake Hills development in Riverside. This big ole Mcmansion sits on a hill and overlooks the elementary school below ( I hope you like the sound of screaming kids). It's a 5 bedroom, 4.5 bath home. It's very nice inside but the yard is just rocks (and I do mean rocks). The lot is big at .8 acres but .6 of that is hillside, on all 4 sides. It has a good size yard but at least 1/2 of that .8 acre is not useable. The home sold new from the builder in Dec 2006 for a peakish price of $855k. Those peak prices are really starting to look stupid now, aren't they? It went back to the lenders in May. This home has actually been listed since April 07! After the lenders got it they listed it for $540K. They did have one whopping $7k price reduction (1.5% come on people). It's been listed for $533k since Sept. As the market crumbles around them they just sit and wait for a miricle. The price is obviously wrong b'tch! Yes, I said "the price is WRONG". Price it at $429K and you might have a chance. But do it quick before the next wave of REO's hit.