Friday, June 02, 2006

Vertiginous POS in Fairfax

I just love the desperation in this write-up:
Run!Now $659,000!A $70,000 price reduction from original price,which you all thought a good price!What a buy!Charming home(not a condo! Writer or artist, a romantic get-away!A sun-filled zen retreat...
The price has been reduced three times and it's been on the market for 60 days and still no greater fool to unload on. 2 br 1 ba, 1286 sq ft, built in 1981. Asking $659,000. Asking tomorrow...?

"which you all thought a good price". Huh? If this POS has not been able to sell, then who exactly are you referring to? Must be other realtors.


Blogger Cassandra said...

Thanks so much for the work you do. I really like the blog and the illustrations of absurdity.

But I’ve one complaint. You keep referring to these POS’s. This house for instance would appear to be quite nice. Having lived in my share of old trailers… I would gladly buy this house as a second home – but we’d have to talk price.

I would gladly pay $50,000+ for it!

But really, there are a lot of nice livable houses on your site. But you’d have to be on crack to even consider the asking price.

So, if I could beg a favor, please go a little easier on the houses. But please, have you’re way with the prices.


June 03, 2006 11:23 AM  
Blogger Marinite said...

I would gladly pay $50,000+ for it!

That'w what makes these POSs. It's all about what you get for how much you have to pay for it. What the house looks like is irrelevant. It could be a falling down shack and not a POS if priced appropriately.

June 03, 2006 11:33 AM  
Blogger Tom DC/VA said...

I too am of the notion that POSedness is separate from overpricedness. A dump for $50K is still a dump and hell to live in. An overpriced mansion is still nice to live in no matter how much it was bought for.

Though on this property I'd be inclined (ba dah boom) to go with POS unless there was an elevator on the property, preferably just like this one.

June 03, 2006 8:15 PM  
Blogger Marinite said...

Actually, there are quite a few properties in Marin (mostly southern Marin; many in Mill Valley) that have elevators because so many houses are built on steep slopes with long flights of stairs to reach the main entrance.

June 04, 2006 11:17 AM  
Anonymous RE_lurker said...

An overpriced mansion is still nice to live in no matter how much it was bought for.

Perhaps initially, but larger homes incur far more upkeep, so if someone barely scrapes by to cover payments, you can bet they're deferring maintenance. Over time, consider what that does to their enjoyment of that home. Could this possibly happen to those who creatively financed large Marin homes, only to find themselves pinched when their mortgage resets? I suppose we could all take out HELOCs for maintenance, but again we’re adding to our monthly bill. Personally, I would shudder at the long-term implications of overpaying for all that liability. Does this scenario explain the condition of many Marin homes?

June 06, 2006 12:30 PM  
Blogger bribri said...

Hey - Just a note to say the price is reduced to $629K now.

August 21, 2006 1:55 PM  

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