Get out your checkbook?
Some readers have complained that I'm boring them with reports of price reductions but I keep harping on this subject because it's such a good indication of what's happening in the market and, as a bonus, illustrates the perils of over-pricing your house in the first place. So here we go again. Bored readers are invited to turn to other blogs and return later.
20 Langhorne, an as-yet-unbuilt mansion, has dropped from an asking price of $14.900 million in March '08 to $10.998 today. Same house as promised at the first price, you can now save $4.0 million. I'd offer still less, just to test the waters.
8 Hobart, new construction, has dropped from $7.8 in July to $6.995.
29 Byfield, a financial disaster in the making, was reduced an additional $500,000 today. It started at $9.495 in April, it's down to $5.198. If it doesn't sell now, look for it at auction.
I mentioned 38 Langhorne, unimproved (except for a new septic system) land on Monday questioning how it could be worth $1.2 million last year and $4.15 million on Monday. Coincidence or not, the owner, Mark Mariani, lopped $1.0 million off the price today and now offers it at $3.15
89 Perkins was priced at $5.875 last September and didn't sell - apparently I wasn't the only person who thought its price was ridiculous. It's been dropped $1.5 million and is now asking $4.375. There are still, to my taste, some serious layout issues, but at least the price problem is being addressed.
Posts
6 comments:
boring?? why wouldn't locals want to know where housing is going? and with all the layoffs on wall street...it's going to go lower. sorry to sound so negative, but i work at a fund...and we are definitely not optimistic. the truth may hurt...but at least it's the truth.
I, for one, like reading about the price drops.
'Ditto'!
Chris - I - for one - find nothing boring about your posts - prices falling down - falling down - how low will they go?
fyi that your popular column fodder: 101 dingletown, 20 langhorne, 29 byfield, 39 boulder brook, and that overpriced ridgebrook house are all the same builder. someone will get a good deal shortly on those properties.
Also the other langhorne property is BackCountry Ventures not Mariani.
It's way too easy to figure this stuff out on the internet :)
I'm pretty sure that's not true. All the properties use the same agent (we Mortimer) but Back Country Ventures is Jordan Saper, a very successful builder who almost always prices his projects right. And, unless he's recently switched, he uses Wison Aling as his agent. But my motto is, "often wrong, never uncertain" so I stand ready to be corrected.
Post a Comment