Archive for May 7th, 2009
You are currently browsing the Aston Lau blog archives for the day Thursday, May 7th, 2009.
7
May
2009
More house price craziness
4323 Shelbourne Street (MLS #261971). I mentioned this house in my post from a few days ago, citing it as an example of sellers in the low end trying to sell for way above assessed value. Looks like it just sold for even MORE.
- Assessed at $445,000
- Listed at $529,900
- Sold for $540,000
1582 Fremont Place (MLS #261888):
- Assessed at $501,000
- Listed at $599,800
- Sold for $620,000
To be fair, this was a very nicely renovated home. (Even if they forgot to install a stove fan in the brand new kitchen.)
I can only attribute this craziness to the “Spring bounce”…. March, April and May are traditionally the busiest months of the year for real estate, so I expect to see prices resume their decline in the summer.
The fact that 22% of U.S. homeowners are currently underwater on their mortgages should give all of us some pause. As much as I’d like to own a home, now just isn’t the time.
