Saturday, March 1, 2008

Housing Crash? What Housing Crash?

Compare the lies of Realtors here, here and here with reality in Atlanta. Just imagine if you had listened to any of these so-called experts over the past year or two and bought a house. And yet for some reason people still look to these so-called experts for guidance and advice.

1485 Hardee St, Atlanta, GA

Price Reduced: 07/09/07 -- $279,000 to $272,000
Price Reduced: 08/16/07 -- $272,000 to $249,500
Price Reduced: 09/24/07 -- $249,500 to $229,500
Price Reduced: 10/25/07 -- $229,500 to $215,000

23% price reduction, on the market for 262 days and no sale

1463 Sylvan Circle NE, Atlanta, GA

Price Reduced:
08/18/07 -- $679,900 to $659,900

Price Reduced: 09/22/07 -- $659,900 to $629,900
Price Reduced: 10/21/07 -- $629,900 to $619,900
Price Reduced: 11/21/07 -- $619,900 to $609,900
Price Reduced: 12/15/07 -- $609,900 to $590,000
Price Reduced: 12/28/07 -- $590,000 to $475,000

30% reduction in price...229 days on the market and no sale

989 Amsterdam Avenue, Atlanta, GA

Price Reduced: 06/20/07 -- $575,000 to $520,000
Price Reduced: 07/12/07 -- $520,000 to $489,000
Price Reduced: 08/13/07 -- $489,000 to $469,000
Price Reduced: 09/24/07 -- $469,000 to $429,000
Price Reduced: 11/08/07 -- $429,000 to $410,000
Price Reduced: 01/02/08 -- $410,000 to $380,000
Price Reduced: 01/09/08 -- $380,000 to $375,000

35% reduction in price, no sale

832 N. St Mary's Lane, Marietta, GA
Price Reduced: 02/02/08 -- $350,000 to $260,000

Realtor's description: "Short sale opportunity. All offers pending bank approval. Seller is very motivated, bring your best offer. This home will not last long. Owner paid $350k + for this home in 2007."

Just for shits, I might go offer $185K and see what happens....on second thought, I better not, the desperate seller may just accept it and then I'm stuck with it.

247 Sugar Creek Drive, Marietta, GA
Price Reduced: 09/04/07 -- $500,000 to $400,000
On the market for 283 days, $100K reduction in price and still no sale.

1103 Antioch Drive, Atlanta, GA
Price Reduced: 09/01/06 -- $649,000 to $599,900
Price Reduced: 09/19/06 -- $599,900 to $549,900

On the market for 726 (no that is not a typo, seven hundred and twenty six days) and still not sold after $100K reduction in price.

But as I am told every day by the NAR and their whores in the media:

- Housing never goes down.

- Housing is the greatest investment anyone can ever make.

- Renting is throwing your money away.

- Buying a home is the American Dream.

- Renter = Loser

- Atlanta is different.

- There is no housing bubble.

- There is no housing crash.

Oh well, guess I'll keep on being a renting loser, throwing my money away, not living the American Dream and actually making a positive return on my investments. Crazy I know.

I used to think it would be nice if someday I could buy a house with cash. Now I am starting to think that someday may arrive sooner than later.


brad nix said...

I am dissapointed that you pulled a post from 2006 to slam my opinions of the current market. This is why consumers should do their research and not trust every media opinion they read, whether it is from NAR or consumer bloggers. 2006 sets records for the best housing market of all time.

Ed said...

I pulled your opinion to show why people should not trust what they read. Everything I have predicted has come true. If someone had listened to me in 2006 and sold their house they would be in a better financial position than had they listened to you and bought a house. Housing was crashing then and it is crashing now.

People can believe me or they can believe you. That is the beauty of blogs, competing ideas allowing people to make up their minds.

If you think I'm wrong, tell me why , present a counter argument. I'm always up for a good debate.