Taking $50k, $75k — or More(!) Off the Last Asking Price Overpriced listings have a way of coming down to earth, and Buyers who can afford to be patient can often pick up the property at a (much) better price once the Seller has become more realistic. Of course, Buyers who wait risk that the Seller...Read More
‘Shrunk to Fit’: Tax Values in a Declining Market Homeowners across the country are challenging their property tax bills in droves as the value of their homes drop, threatening local governments with another big drain on their budgets –Jack Healy, “Tax Bill Appeals Take Rising Toll on Governments“; The New York Times (7/4/09). Which would...Read More
In Buyer’s Market, Rehab Discount Widens Less than three years ago, the discount on a solid-but-dated home was quite small — maybe 10%. Today, at least anecdotally, it seems to me that the corresponding discount has widened considerably, to perhaps double that. (Note: at any given time, there are two kinds of Buyers for rehab...Read More
Deep DiscountWhere: Grant Park CondominiumsWhat: #2710 (penthouse)Key Stats: 2,017 sq. ft.; 3BR/3BAHow much: $749,900Originally Listed: 7/26/2005Original List Price: $1.195M Even in a slow market, 3 1/2 years is a long time to wait for a Buyer. And eleven(!) price cuts, totaling almost half a million, is a lot of ground to yield. What gives? While...Read More
