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Stories of wishful thinking... homes on the market the longest length of time.


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2011 Oct 4, 1:37pm   15,107 views  32 comments

by American in Japan   ➕follow (1)   💰tip   ignore  

If you know anyone personally selling or have seen a home listed a long time, please comment here. Include any homes which have been taken off the market and been strategically relisted to appear as if they were just put on. This might have some interesting stories...

1 year? 2 years? 3 years?

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1   zzyzzx   2011 Oct 5, 1:10am  

The house behind me was originally listed for $100,000, which IMO, was about $20,000 more than the market suggested it was worth at the time. After about a year, they finally relisted it at $60,000 and it sold in like 2 days.

2   FuckTheMainstreamMedia   2011 Oct 5, 1:37am  

LOL, a quick search of Redfin for LA County showed 8700 homes that have been listed more than 180 days.

This fuktard took the cake at over 1300(yes you read that correctly) days.

http://www.redfin.com/CA/Los-Angeles/1100-Wilshire-Blvd-90017/unit-1902/home/17237599

3   jwarriner   2011 Oct 5, 2:14am  

I have been looking at several houses in my northeast area since 2009 and most are relisted every year. The sellers have been pulling out and relisting the said properties, with the same prices.

4   Remington   2011 Oct 5, 5:21am  

There are quite a gems out there that have been on the market 1+ years with no price reductions. It seems to be more "desirable" areas and homes well over a million.

My favorite one is:
http://www.redfin.com/CA/Jenner/22124-Highway-1-95450/home/2481000

I've watched this house for at least a year and its yet to be reduced.

5   bubblesitter   2011 Oct 5, 9:37am  

dodgerfanjohn says

LOL, a quick search of Redfin for LA County showed 8700 homes that have been listed more than 180 days.

This fuktard took the cake at over 1300(yes you read that correctly) days.

http://www.redfin.com/CA/Los-Angeles/1100-Wilshire-Blvd-90017/unit-1902/home/17237599

Haha. I beat you. This is listed since 09/2006.

http://www.redfin.com/CA/Cypress/9838-Ravari-Dr-90630/home/3994846

6   exfatguy   2011 Oct 5, 10:05am  

My folks are the king and queen of real estate idiocy.

As the bubble was popping, they rejected a million dollar offer on one of their houses because they wanted to squeeze another $50K out of it. They bought it for $670K. No offers followed, and the house eventually sold as an REO for a little over $500K.

They next house they bought, at the PEAK of the bubble, was for $1.5 million. They held off foreclosure for a few years, culminating with trying to get full bubble price all the way until about a month ago when the bank officially took it over. The bank wants $950K and will be lucky to get $750K.

These are also the same people that tried to convince me to list my home at $1.5 million when the rapidly falling market dictated about $900K. I ended up getting $850K. The property is now worth $450K. Soooo glad I didn't listen to them and actually told them to their face they were full of it. My mother actually said "You never know, Donald Trump may see it and fall in love with it." and presumably overpay by 60%. Um, no mom, even if he did fall in love with it he isn't that stupid.

7   corntrollio   2011 Oct 5, 10:29am  

I've seen more than one year for an actual MLS listing.

However, what's more interesting is that I've seen houses that were listed in 2008, 2009, 2010, and 2011, for a few months each time. My argument would be that those houses have been on the market for 3+ years.

8   PockyClipsNow   2011 Oct 5, 10:37am  

Well it takes 3 years to foreclose. Then the bank is gonna take a random length of time before they sell it as REO.

So I guess this mess is never gonna end.

9   REpro   2011 Oct 5, 1:12pm  

It used to be, that banks after foreclosure had 6 months to sell property or face penalty. Thanks to lobbying achieved in government bank deregulation, now they can play as long as they wish.

10   fly solo   2011 Oct 5, 1:23pm  

In the fall of 2010 I saw a home on N. Echo Canyon Dr. Cave Creek, Az. magically reset its history on Trulia by changing its address to E. Rockaway Hills Dr.

11   mdovell   2011 Oct 6, 1:41am  

There's a set of condos (street) where I live that had a "Last one left!" sign that lasted for years. Eventually the sign yellowed and it was sold (the house not the sign).

12   edvard2   2011 Oct 6, 1:49am  

There are quite a few homes in my east bay neighborhood that have been sitting for a very long time. Mostly because the asking prices are just a hair off of being peak bubble prices. What amazes me is that half are owned by old folks who bought the homes for 30-40k and could quite easily lower the price 100k and STILL make out like bandits. The other half of the houses interestingly are owned by those on the opposite side of the spectrum: people who bought maybe 3-5 years ago and are demanding the same price they paid.

As far as I can see the only houses selling around here are crap. Literally falling-apart, derelict crap in the 350k-400k range ( still too high) but cheap enough for buyers desperate for a house to get into.

13   FortWayne   2011 Oct 6, 2:12am  

dodgerfanjohn says

LOL, a quick search of Redfin for LA County showed 8700 homes that have been listed more than 180 days.

This fuktard took the cake at over 1300(yes you read that correctly) days.

http://www.redfin.com/CA/Los-Angeles/1100-Wilshire-Blvd-90017/unit-1902/home/17237599

Just what I see. Someone is trying to sell for the exact same price it was during the height of the bubble. Price practically matches 06. We are ways before the bubble deflates.

14   corntrollio   2011 Oct 6, 3:52am  

edvard2 says

What amazes me is that half are owned by old folks who bought the homes for 30-40k and could quite easily lower the price 100k and STILL make out like bandits. The other half of the houses interestingly are owned by those on the opposite side of the spectrum: people who bought maybe 3-5 years ago and are demanding the same price they paid.

Yeah, I see plenty of those too. It makes me wonder if those in the first category in particular took multiple cash-out refis. Something else noticeable is that most people are into doing ramshackle remodels.

mdovell says

There's a set of condos (street) where I live that had a "Last one left!" sign that lasted for years.

Very common to do this in San Francisco. You get varying reports from the big condo buildings that were built recently and they don't always fit with reality.

15   jag788   2011 Oct 6, 4:37am  

I'm in central Florida and rent in a neighborhood that was built during the boom of 2004/5. Most houses were originally sold for 400-800K, now they are all around 200-300K. The worst part is that there are at least 20 houses that are obviously empty and have been that way for 1-2- or even three years. The vast majority of these houses have never been listed for sale. The few that have aren't moving. The first house I considered buying in Florida was in this neighborhood priced @ 280. It is still on the market three years later @ 229. Many of the houses that sit for 3 years or more are not longer livable and will have to be torn down due to mold/pest etc. What a complete waste, especially with so many peolple that need affordable housing!!!!

16   American in Japan   2011 Nov 5, 6:21pm  

Good comments above, thanks!

It is interesting to observe what techniques people use to make their house look like it hasn't been on the market long (when it really has)...

17   clambo   2011 Nov 6, 1:36am  

There're a bunch of condos (?) on 14th ave Santa Cruz, Zilow says they've been there for 647 days. $238K.

18   mjfhorsey   2011 Nov 6, 1:35am  

I think many of the old folks have their retirement wrapped up in a bubble priced house which is why they won't come down until it sells for the magic number they think they need to live on after they sell.

A local farm that obviously missed out selling their 220 acres during the bubble tried to get 2.5 mil as a whole parcel...then divided up into 20 lots and tried to auction no reserve. The first lot sold for $7500/acre and the farmer stopped the auction - no sales. 20 lots at $7500/acre only gets him 1.65m. Very nice on the river water views 5-7 acres each will be prime to build on but no go until prices go up again. We will keep checking over the next 5-10 years to see what happens to it.

19   bg   2011 Nov 6, 9:40am  

Remington says

My favorite one is:
http://www.redfin.com/CA/Jenner/22124-Highway-1-95450/home/2481000

I need to save this link somewhere for the moment when someone asks me, "WHat would you do if you won' the lottery?" My answer will be, "buy this!"

That is the most beautiful house I have ever seen. Good news for me is that it may still be on the market :-)

20   investor90   2011 Nov 6, 11:16am  

I have been watching a house on sale since June 2005. They were asking $720,000 at the height of the local bubble. Realtors have sold it and received BOTH sides as Seller and Buyers agent twice since then. It has only been occupied about 14 months out of the last 77 months. The last time it sold was at only $215,000 on Oct 15 2011. That's a drop of $505,000 for an old ranch style house with more termites in it than nails. The Realtor ( ONE OFFICE) should have known better. But when you analyze the public numbers. Over $ 75,000 dollars was extracted for Real estate sales fees on an old decrepit junk pile that is still overpriced. How do I know? The land is on only one acre and I am bidding on a newer refurbished house on five level and clean acres...new Propane gas, new water well, new granite counters and wood flooring ...ready to move in for less money. This deal...mine has been empty for the last five years, in pain from foreclosure at $600,000. Empty and waiting for 5 years. My house has cost its previous owner over $36,000 in Real estate commissions...and will net about $12,000 from me this time around. When the Real Estate MLS cartel lock up the market ...it keeps prices high until they collapse of their own weight. the price is still way overpriced, but Realtor-MLS CARTEL controlled rental prices make buying less of a money pit...until they start another bubble. The poor bastard in my situation only lost $80,000 PER YEAR on this dump...it is still a dump...but GRAFT from MLS- Realtard controlled renting is higher. The first property I mentioned above lost the original owner close to $90,000 / year on tones of termites, mud and organic decomposing trees over the past 6 years. And we reward bankers and Realtards... In a few years...my newly purchased dumpy wood and stucco CRAP BOX will lose another $80,000 in value. but at least some of the crap is tax deductible. I prefer to NOT buy and wait for the total collapse...but buying an old 70's stucco and wood crapbox now is cheaper for us now. But we can always walk...if prices continue to drop...at least we won't have usurious rent. We might even be able to squat and live for free when the crash comes?

21   investor90   2011 Nov 6, 11:21am  

Oh...and ALL BUYERS agents we inteviewed...called us ---EEoo are you tenants? Like it was some kind of disease...or illegal activity to NOT TITHE to the banksters and Realtards. How do I get even? I don't but I fire them as soon as they open their pie holes and start LYING...and LYING...watch the NOSE grow Pinnochio!

22   bubblesitter   2011 Nov 6, 2:50pm  

Zlxr says

he owner is now getting foreclosure notices (NOD) from Bank

Zlxr says

The Bank had originally approved the Short Sale

Sounds too familiar. :)

23   TechGromit   2011 Nov 7, 12:06am  

This dumpy little house has been for sale since before I purchased my house in 2007. Last sold in 2004 for 150k, now the demented owner wants 849k for the same property. So what if they put a small house on the property, big deal. I mean who needs a 5 bedroom, 6 bathroom, granite counter top kitchen, basement movie theater and 3 car garage house anyway. The taxes on this 8,000 sq ft house are $13,000 a year. I figure since it was built, the builder had to eat about 70k+ in property taxes.

http://www.realtor.com/realestateandhomes-detail/229-S-Odessa-Ave_Galloway-Township_NJ_08205_M55719-74199?source=web

http://www.zillow.com/homedetails/229-S-Odessa-Ave-Egg-Harbor-City-NJ-08215/88854443_zpid/

24   Tude   2011 Nov 7, 2:51am  

TechGromit says

This dumpy little house has been for sale since before I purchased my house in 2007.

I think that might be one of the ugliest houses I have ever seen. Do people really want to live in a mausoleum ?

25   elliemae   2011 Nov 7, 3:17am  

Tude says

I think that might be one of the ugliest houses I have ever seen. Do people really want to live in a mausoleum

Didja see the place to the NE? It has got to be one of the ugliest, flattest facades I've ever seen. And where are the trees?

26   Biff Baxter   2011 Nov 7, 4:21am  

I was recently involved in a property that first went up for sale in July of 2005 for $6,000,000. It has been on the market for more than 6 years and the price dropped over time to the most recent asking price of just under $1,400,000. It is currently in contract for less than that. Of course it was listed, delisted and relisted several times.

It is still in play so I don't want to be more specific than to say that it is located in the San Francisco Bay Area.

It is interesting to note than Zip Realty, Zillow and Redfin did not provide the accurate MLS listing history. These sites generally provide less than 100% accurate data about listings and often miss some listings all together. I understand why I may not have access to all of the MLS data but I find it a bit frustrating that the data that I do have access to is inaccurate.

Biff

27   CaffeineAddict   2012 Jul 3, 11:03pm  

What's funny is a lot of the houses people linked above were sold shortly after, for high sums of money.

Guess there are suckers everywhere. Oh well, after they foreclose and declare bankruptcy, their loss is washed, so I guess the responsible taxpayer is the real sucker.

28   Michinaga   2012 Jul 4, 2:47am  

Not really the same thing, but my former rental has never been rented to a new tenant since I left to move into my purchased condo in 2008. I go past it all the time, and there's never a name on the mailbox or any indication that anyone lives there. My guess is that the late owner's daughter, who wouldn't give me a break on renting a closed-off additional room that sat unused for the whole six years I lived there, set a high price for future renters and simply refuses all comers until she gets it.

29   American in Japan   2012 Jul 17, 5:59pm  

And the times are getting even longer...

30   EastCoastBubbleBoy   2012 Jul 17, 9:30pm  

There is a FSBO that has had a sign out in front of it (off and on) for at least four years now. It's stuck between two major roads, and has a very "odd" layout (to get to the upstairs bathroom, you had to go through the master bedroom. Plus it needs some serious updating (or rather it did back in 20o08 when I took a look at it)

31   American in Japan   2012 Jul 28, 5:09pm  

Thanks for the update, EastCoastBubbleBoy!

32   American in Japan   2012 Oct 11, 6:50pm  

The problem is they pull the listings (on purpose).

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