Monday, September 29, 2008

Another Week, Another Hopeless Price Drop

A mere 12 days after his last price drop, the local *speculating* Moron dropped his listing by another whopping $6,000. This guy must be watching the stock market *volatility* and banking gore with considerable angst as he prays for a buyer (greater fool) to free him of this investment-turned-liability.

As relatively scarce as real estate sales have become over the past couple of years, I am finding out that more and more of them were actually bought by flippers.

The seeds of the next leg down in residential real estate have been sown and are budding.

UPDATE - September 30th. Boy, this didn't take long - price just dropped to $809,000. Guy must be watching the stock market (-777 pts yesterday).

UPDATE - October 7th. Down to $799,900. We're at breakeven, officially.

Click here to see more UPDATES.


Anonymous said...

With opportunity cost factored in he is now at break even. It's all subteranean from here.

CaptiousNut said...

I know from option trading that one can lose a ton of money buying stuff for *fair value*.