Sale History
12/13/2007:	$184,417 *
11/08/2005:	$272,000
01/25/2005:	$140,000

From the above info, 10 years ago this house is valued at $70,000.  Its Peak sold price was $272K in November 2005.  9 months ago, a bank took it back for $184K.

Recently the listing price was $71K (Note: the above listing in Zillow.com as of August 22) and reduced to $54K (see the bellow).  It is reducing, reducing, and finally falling apart...  

$54,000 1**1 ********* Ave ******** California, 9****	MLS #: 40*****5	Beds: 2 Baths: 2 Sq Ft: 894

Try harder and harder, please (Note: as an investor, I have ample time to wait).  Now, everybody almost finished their hard works and tired (satisfied?).  A realistic price tag is finally on the auction table.  How much they would get for?

Down to ask for $1,000.  After all the hard works done by the banker, asset manager, and agents in the past 9 month, do you expect all of them possibly get just a thousand dollar out of it?   See, how good our traditional marketing channels can do the job? 

Don't say it is a waste time!  Look at a bright and broader view, it is a job-creating so that everyone can be busy and earn some money to put bread on the table.  So it is a MacroEconomics.  Who cares about national productivity, right?   

I am very disappointed at some fellow agents who refuse to write a low ball offer, say 20% off, since they are trying to act as a principal, not an agent.  However, if I make you an offer asking 90% off your listing price, I don't blame you if you kick my butt.   How much do you think you "will" buy this house?   You are not serious to expect a final price omitting the two "0" at the end of its previous sold price, aren't you?  

But just for this case.  If you're not, you are too kind to be greedy, for I know you may be wrong.  Look at stock market, as of August 22, our two big GSE Fannie and Freddie lost their stock value more than 90-96 percent in a year.  Don't you think it could happen in real estate?  Why not?

Yesterday I watched PBS TV on Californian Education Review.  It was said that California education, particularly the infrastructure, has been deteriorating to follow Michigan and Ohio.  But it is still incredible for me to think the housing market will follow the shoe.  Gee, I shouldn't watch the TV program.

I know this auction site very well and have been with it for more than 3 years.  It is a serious auction with no tricks, not like others, such as R**** or other W**** that play buyers at their fingertips.  

One thing I am 100 percent sure is this house will be sold a lot less than the price it held 10 years ago.   It would not surprise me if it could be sold for less than $5K (Note: I have my reasons).  

Let see the result in a few days. 

****  ****

The subject property is sold for $28,500.  That's almost 90% off its peak price of $272,000 and 60% off its price 10 year ago.  Great deal!

09/08/2008 07:45 PM

by E T

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What a steal!  I don't live in Cali but my guess is someone got a bargain.

Charles Jarvis

09/08/2008 09:23 PM

by C J (Keller Williams Realty)

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