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So Often I See Them Getting Greedy And Thinking They Can Price It Wherever They Want

A report from Banker and Tradesman on Massachusetts. “Last month, there were 1,716 condominium sales recorded in Massachusetts, according to The Warren Group a 5.8 percent decrease from March 2018. Meanwhile, the median condominium sale price dropped 7.3 percent on a year-over-year basis to $360,000.”

“‘Though the median sale price for condos declined on a year-over-year basis, it was compared to an uncharacteristically high spike in March 2018,’ said The Warren Group Media Relations Director Cassidy Norton. ‘The local condo market has been bolstered by high-end units in the Greater Boston area in recent years. As the market works through its high-end supply, we could see a return to normalcy in the coming months.'”

From Hartford Business in Connecticut. “Connecticut single-family home sales and prices fell again in March. This marks three consecutive months of both the number of Connecticut sales and the median sale price declining on a year-over-year basis, Associate Publisher Cassidy Norton said.”

“‘The number of single-family home sales have now declined on a year-over-year basis for eight consecutive months,’ Norton said. ‘The first three months of any year are normally slow; while sales will pick up in the spring, it’s definitely a buyers’ market.'”

From Westword on Colorado. “The Denver housing market is in transition. To get a better read on what’s happening today, we reached out to local expert Lori Abbey: ‘Last year on certain properties, I would see five to seven multiple offers. Now I’m seeing two to three on the same property price points. So while it’s becoming more balanced and easier for buyers to buy, it’s not what I would call a ‘softening’ market. And sellers must price correctly.'”

“‘So often I see them getting greedy and thinking they can price it wherever they want regardless of what the market stats show, and almost every time they get less than they would have had they come to the market correctly and capitalized on the high energy and demand of the first couple weeks on the market.'”

“‘I have had a couple in Castle Pines Village that are in a price point over $2 million, and those lasted on the market three to five months. But it’s a high price point, with fewer buyers farther from the city. There were three years of inventory available at the time, so again, pricing it correctly (and the clients providing a top-notch, well-staged home) saw this home sell faster than the average in that area.'”

From My News 4 in Nevada. “Northern Nevada homes are seeing a one percent drop in prices compared to last year, according to the Reno-Sparks Association of Realtors. Erika Lamb, President-elect of RSAR explains that last year the housing market was unstable which prevented potential homebuyers to purchase.”

“‘That wasn’t a stable market, for those who have been long time property owners it was kind of scary for them because they’ve seen it happen over and over. Right now I would say the market is adjusting to where it should be and its adjusting to the interest rates a bit,’ Lamb said.”

“A common trend this year is a lot of investors are selling their entry-level properties in the $300,000 range which is more affordable for people in the area.”

From Fox 56 on Pennsylvania. “A vacant home collapsed around midnight Tuesday. Officials say no one was hurt. Demolishing a home like this could cost at least $20,000, and Robert Krick, the acting Mayor, says there are dozens of other blighted homes in this borough.”

“‘The coal region has an excess of housing, not a lack of housing. And I think that’s whats going on. And lack of money. It devastates communities. You get one in the middle of the block and the block just deteriorates,’ said Krick.”

From WCBS News Radio in New York. “America’s largest township is getting some state aide to fix what officials are calling an affordable housing crisis. New York State Senators Kevin Thomas, John Brooks, Todd Kaminsky, Anna Kaplan and Hempstead Town Supervisor Laura Gillen joined the Nassau County chapter of Habitat for Humanity to announce a new study that will address the affordable housing crisis in Hempstead, which has over 500 zombie homes dragging down property values and an estimated 1,500 homes in foreclosure.”

“Habitat for Humanity will continue to act as a savior of zombie homes on Long Island, taking them over and converting them into homes that families with a steady income can afford. She says the group’s work also helps all other homeowners nearby because property values that once plummeted because of the presence of a zombie home can then recover.”

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This Post Has 30 Comments

  1. ‘So often I see them getting greedy and thinking they can price it wherever they want’

    I wonder where they got that idea Lori?

    ‘There were three years of inventory available at the time’

    That’s some shortage!

  2. ‘Lamb explains that last year the housing market was unstable which prevented potential homebuyers to purchase’

    What were you saying last year Erick? You gotta roll with it?

    ‘That wasn’t a stable market, for those who have been long time property owners it was kind of scary for them because they’ve seen it happen over and over’

    But everything is solid? No subprime, don’t panic!

    ‘Right now I would say the market is adjusting to where it should be and its adjusting to the interest rates a bit’

    Here they go with the YOY song and dance. The peak last year was over 400k.

  3. ‘a new study that will address the affordable housing crisis in Hempstead, which has over 500 zombie homes dragging down property values and an estimated 1,500 homes in foreclosure’

    Shadow inventory is a conspiracy theory, zombie homes is a zillow statistic.

    1. What, exactly, is the “affordability crisis”, if the 500 so-called “zombie homes” are wrecking the comps?

      Isn’t that actually going to end up *correcting* the affordability problem in the neighborhood? Or are the cheap properties going to draw in speculators who will tear them down to build luxury flips?

  4. ‘Though the median sale price for condos declined on a year-over-year basis, it was compared to an uncharacteristically high spike in March 2018’

    Yeah, it isn’t fair to compare today’s prices to the crazy times last year. The downtown lux condos in Boston were off 14% recently.

  8. Bo$ton, where you can get an ab$olute $hithole hou$e and a 2 hour commute for $1m. All with the privilage of the worst weather you can ask for.

    Eeeeeebola Boston

  9. Slice of life: went to Walmart yesterday here in Las Vegas, first time in a long time. Almost all checkouts are automated now. Had a problem with one item, couldn’t check out until employee approved. Waited and waited, finally had to leave my stuff to go get one.

    While shopping, got hit up for money in the store. Started with asking directions, went into hole-y sob story. Was going on too long. Cut it short by telling the guy look I only have two bucks on me, here. Now he decides to go for it and asks if I’m married; I guess he also needed a place to stay. I cracked up – bye, bye.

    Next, went to Sam’s Club (got free membership, otherwise, no). They’ve also installed self checkouts (75%) which is insane. Got on one of the human (only three) lines. Anyway, my point is, and I do have one, that going to the store was always a pita but now is kind of surreal.

    Home, got email with Zillow’s report on my rental. “The Zestimate for this house is $374,272, which has increased by $32,789 in the last 30 days. The Rent Zestimate for this home is $1,600/mo, which has decreased by $562/mo in the last 30 days.” Still meaningless. Good to see some things never change.

    1. One day at the Wal-mart nearest me, I was hit up by a woman who wanted me to buy stuff for her children. She even had a list written out. Needless to say, she hadn’t been born in the US. One of the joys of being a white woman. We are the prime targets for the sob stories. Especially in lib-land.

      I don’t mind self-checkouts because I don’t like the cashier or the people behind me in line to stare at what I’m buying. But the scale in the bagging area is sensitive and needs to be cleared a lot.

      1. A list? That’s unreal.
        I think I’m getting (really) old and losing my edge. Having owned a small but raucous pub for so many years, I used to see it coming from a mile away and sometimes shut it down with only a look. Taken by surprise too often lately (neighboors, beggars.) Maybe it’s time to visit the relatives back in NYC, ride the subway 😉

      2. The Amazon Go store seems to be a better experience than the self-check out things, though I have yet to try it personally. Those automated things always make mistakes and I always feel like I am a criminal when I have to raise my hand and wait for an attendant. I’m sure the store of the future will scan your card upon entry and subtract anything in your cart that has an RFID tag on it from your credit card. Shouldn’t be that hard to do eventually and will save a ton on theft and labor hours.

        1. Interesting idea. It would eliminate shoplifting almost entirely, since anything within a given distance of your cart (say, something in your pocket) would be charged.

          Heh, I’m old enough to remember when women would bring a pocket adder to the store to keep a running total of the stuff the bought. It was that embarrassing to run out cash at the checkout.

          1. a pocket adder

            I can keep the total in my head until checkout and sometimes it is helpful. Quite often the cash register overcharges significantly for things marked on sale.

            If you want convenience, some of the stores here will put your order together for you and you just pick it up complete.

    2. Which Las Vegas Walmart did you go to? I know mine at Arroyo Crossing has a Sam’s Club right next door.

      Anyway, geez, I’ve been panhandled in the parking lot, but never inside the store?! Though I have seen a panhandler in a Starbucks, and another time in a sub shop. Both in Las Vegas.

      1. I know where you’re ones you’re talking about. Been there, but mostly too far away for me.

        I was in the Tropicana Sam’s/WM between Pecos and MacLeod – pretty gritty. The emotional support dogs have big spiky collars and short leashes.

          1. Now & then beggars will accost me while I’m pumping gas. They like to jump out from between the pumps. Last time that happened to me, I looked up, made and snarled. Didn’t say a word.

  10. ‘So often I see them getting greedy and thinking they can price it wherever they want’

    ROFL. Here’s the story of the house three doors up from mine. It was my uncle’s. He died in early 2007, and the property was part of the family trust he’d established. It’s just a simple, no-frills rambler he’d built himself, in a typical middle-class midwest neighborhood.

    The family is quite well-to-do – my uncle did well, and lived well beneath his means, hence the trust. So when the bubble burst not too long after his passing, and the house didn’t go on the market, I assumed the family figured they could afford to wait for the market to recover.

    It’s sat empty ever since, while they’re paying the utilities, the taxes, and the lawn service fees. Two years ago, the son (who lives locally) put on a new roof, had it cleaned and painted, and finally put it on the market. He even accepted an offer – then pulled it off the market. Why? Because his siblings, who live on the coasts, were outraged at the asking price. They were sure they could get more for it.

    Yeah, these greedy SOBs don’t get that real estate values on the coasts are considerably higher than they are in flyover country. That million-dollar 3bed/2bath rambler in California is worth $280K at the most in this location, and that’s just the way it is.

    But if they can’t get their price, they’ll just keep on paying those taxes and utilities until they do. Winning strategy! (for morons)

  11. I pass 4 houses on my way to and from work that have all been on the market since well before Christmas. 2 are brand new, 2 maybe from the 1960s. Inventory is NOT the problem!! And I’m sorry, but 300k is NOT affordable for the common warehouse worker in this area. I work for a tech company and still refuse to pay this. Don’t know who they are trying to keep fool.

    2. Aren’t 0-3% homemoanerloan$ from NON.bank$ available in little$t.bigge$t.city in the reale$tate World?

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