Thursday, March 20, 2008

Desperate Seller of the Week

3644 BLAKEFORD WAY, Marietta, GA 30062

Price Reduced: 03/07/07 -- $474,900 to $449,900
Price Reduced: 03/26/07 -- $449,900 to $434,900
Price Reduced: 05/07/07 -- $434,900 to $419,900
Price Reduced: 07/03/07 -- $419,900 to $399,900
Price Reduced: 10/01/07 -- $399,900 to $389,900
Price Reduced: 10/08/07 -- $389,900 to $379,900
Price Reduced: 02/27/08 -- $379,900 to $349,900

On the market for 421 days and no sale even with a 27% reduction in asking price. And lest you think think this is some shithole in a bad part of town, it's not. It's in precious East Cobb where I believe people's shit really does smell like roses. Not as sweet smelling as the shit of those in Buckhead or Alpharetta perhaps, but sweet nonetheless.

Bbbb bbb bbbbut housing is solid in Atlanta, just ask a so-called expert and he'll tell you all is well and homedebtors here have nothing to worry about. Now is the spring selling season and all these houses will be sold super duper fast.

Or so goes the new spin. For you see the 100,000+ houses that didn't sell last spring season will magically find buyers this year. 100,000 new people are suddenly in the market for overpriced houses that weren't in the market last year. And given that this year it is twice as hard to get a mortgage as it was last year, that theory will hold water, I'm sure.

And these sellers will continue to cling to the hope that their house really is special and their $200K house really is worth $400K or $500K or god knows what they think anymore. They will continue to watch CNBC talking heads say the bottom is here. They will continue to see NAR (National Association of (LYING) Realtors) commercials talk about how all this talk of a housing crash is just a bunch of doomers and gloomers. They will watch HGTV and those flip shows and think gee my house is better and damn it it's worth $800K because I say so.

Eventually, they will lower the price to$200K or the bank will do it for them once the foreclosure is complete. Either way, I'll be sitting here on the sidelines, buttering up my popcorn and watching this train wreck continue to happen in super-slo-mo.

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