skip to Main Content
thehousingbubble@gmail.com

They Finally Decided They Didn’t Want Our House So We’re Going To Lower The Price Even More

A report from Yahoo Entertainment. “Kameron Westcott recently said goodbye to her pink-filled mansion to move into a different gorgeous abode — but the process was far from simple, as we learned on The Real Housewives of Dallas’ February 9 episode. ‘We built this house 10 years ago for 4.7 [million dollars], gonna lower it to 4.4 [million dollars]’ Court Westcott said. ‘We’re gonna get a haircut on this for sure.'”

“‘You know that we had some buyers looking at the house,’ he said. ‘Well it’s their third time to tour the house and they finally decided that they didn’t want our house so we’re going to lower the price even more.'”

The Los Angeles Times. “In his home state of Florida, basketball veteran Amar’e Stoudemire is asking $3.5 million for his custom king-sized home. The big man paid $3.7 million for the property a decade ago, records show.”

From KTVQ on Montana. “Billings’ largest and most controversial mansion is off the market. The property at 5650 Canyonwoods Dr. in the Ironwood subdivision is under contract at a sales price of $11.5 million, according to Dawn Maddux, an agent. It’s been on the market since the summer of 2019 and seen the asking price drop $5 million since then. The mansion was developed by Larry Price Jr., who pleaded guilty in 2019 to embezzling $20 million from three coal-related companies to finance the building of the property. He is serving a five-year sentence in federal prison for the scheme.”

“One of the three firms Price victimized, Three Blind Mice LLC of Wyoming, currently owns the mansion. While signing a contract is a big move toward a sale, the deal could still fall apart, and the house would go back on the market.”

From Patch California. “A Redondo Beach oceanfront home has price-dropped by $4M. It features 10 bedrooms, 10 full bathrooms, along with five half bathrooms. It was built in 2005. It’s now listed at $23M.”

From Portland Monthly in Oregon. “The Pearl is Portland’s resident glamazon, primped and coiffed to match its well-heeled residents. After flying high for years, the area has been hurt by the downturn in the high-end condo market.”

From Boston.com in Massachusetts. “It’s a little too easy for some to say the luxury real estate market is taking a pandemic plunge: Bidding wars are now more of a thing in the suburbs than in the city. Developer Millennium Partners Boston significantly downsized the residential component of its Winthrop Center tower, slated to be the Financial District’s tallest, to include apartments instead of condos as a result of financing that nearly collapsed last year.”

“Millennium Partners’ condo pullback has more to do with an isolated financing issue from the pandemic rather than a sign of a luxury collapse in downtown Boston. Other developers like Cronin are already searching for a site to build their next luxury condo project. ‘Yeah, we’re looking. We’ve been in discussions,’ said developer Jon Cronin, whose firm is building the St. Regis Residences, Boston. ‘Location and product: I think that’s really what it comes down to for the lenders.'”

From WKBW in New York. “Donald Damato says his home on Prospect Avenue in Buffalo was the perfect investment for him when he purchased it last winter. But then, the pandemic hit, rent payments stopped and eviction courts closed. Now the apartment has holes in the walls, tiles broken and a landlord left to fix it all. ‘So we’ve got no rent and our apartment destroyed because we cant evict anybody,’ Damato said, ‘no one can help us.'”

“Regardless of how much damage the tenant caused, Damato had no recourse. ‘I don’t know what to do, we pay our mortgage, utilities, taxes but because of the moratorium we can’t do anything,’ Damato said, ‘courts are closed so no one can help us.'”

From Toronto Storeys in Canada. “Some of Toronto’s most luxe areas have lost significant value through the duration of COVID-19. According to Strata, the neighbourhoods hardest hit during the pandemic have been The Annex, Bloor-Yonge, Yorkville, and Casa Loma. These neighbourhoods experienced value-losses of ~30%, ~12%, ~12%, and ~11% respectively. Creeping up in fifth place is the Bay Street Corridor, which saw a 6.31% decrease in value over the last year.”

“‘After years of growth, Toronto’s luxury neighbourhoods suffered a setback in the past 12 months. When it comes to year-over-year value, some areas have dropped by as much as 30%. It’s a startling figure,’ says the report. ‘But not surprising given what we’ve seen throughout the province, as buyers move to traditionally-overlooked areas in search of cheaper prices and more space. Unfortunately, that means some of Toronto’s luxury neighbourhoods have taken a tremendous hit.'”

“‘Buyers will often prioritize value over luxury when in a recessionary environment. Even those who have the means to purchase high-end properties are likely to hold off. Sometimes they worry that luxury might become devalued, resulting in a wait-and-see approach,’ says Strata’s Broker of Record, Robert Van Rhijn, who reportedly believes ‘a change in buyer thinking’ is the real main driver.”

This Post Has 76 Comments
  1. ‘It’s been on the market since the summer of 2019 and seen the asking price drop $5 million since then’

    But UHS say lux Montania is red-hotcakes?

  2. ‘significantly downsized the residential component of its Winthrop Center tower, slated to be the Financial District’s tallest, to include apartments instead of condos as a result of financing that nearly collapsed last year’

    This is a credit event. Funny how often that comes up.

  3. ‘The Pearl is Portland’s resident glamazon, primped and coiffed to match its well-heeled residents. After flying high for years, the area has been hurt by the downturn’

    Yes, flying high for years. You got yer boom, enjoy the bust.

    ‘After years of growth, Toronto’s luxury neighbourhoods suffered a setback in the past 12 months’

    1. Granted i lived in Seattle for 20+ years and am biased. But what the heck industries and jobs were thriving in Portland. When we were goofing off in Portland (fun city for a long weekend) we could never figure out who could afford to live in the luxury condos like in Pearl

  4. ‘his home on Prospect Avenue in Buffalo was the perfect investment for him when he purchased it last winter’

    Timing is everything.

    ‘Now the apartment has holes in the walls, tiles broken and a landlord left to fix it all. ‘So we’ve got no rent and our apartment destroyed because we cant evict anybody…no one can help us’

    Look at the bright side Donald, it’s a passive loss.

    1. The manse in Billings is an eyesore. It looks like 6 standard-issue McMansions joined together like rowhouses… with a tiny castle turret on top. 🙄 Seriously, why do these high-dollar crooks have such bad taste in architecture? If you want to build a castle, just build an actual castle with modern amenities.

      1. Love the name of the company that was taken advantage of:

        “One of the three firms Price victimized, Three Blind Mice LLC of Wyoming,

  5. In a first for California, Sacramento poised to allow apartments in single-family home neighborhoods East Sacramento and Land Park are among neighborhoods where racist real estate practices and government-sponsored mortgage lending rules prevented nonwhites from moving in through the middle of the 20th century. Indeed, zoning that only allowed for single-family homes was initially pushed by those who wanted to segregate their communities after the U.S. Supreme Court ruled that zoning that explicitly barred Black residents and other people of color was unconstitutional.

    ‘Today, the two communities remain overwhelmingly white. “The Land Parks and the East Sacs are beautiful communities because they were segregated communities,” said Kendra Noel Lewis, executive director of the Sacramento Housing Alliance, an affordable housing advocacy group in favor of the zoning change. “For people not to acknowledge that they inherited that, that they inherited the benefits that came with that, it’s really incumbent on activists, policymakers and the politicians to say it and to change it.”’

    https://www.latimes.com/homeless-housing/story/2021-02-10/sacramento-ending-single-family-zoning

    ‘beautiful communities because they were segregated communities,” said Kendra Noel Lewis, executive director of the Sacramento Housing Alliance, an affordable housing advocacy group in favor of the zoning change. ‘For people not to acknowledge that they inherited that, that they inherited the benefits that came with that,’

    Beautiful cuz they’re segregated? Benefits? Looks like there’s more greedy white supremacists in California than just bay aryans.

    1. “For people not to acknowledge that they inherited that, that they inherited the benefits that came with that, it’s really incumbent on activists, policymakers and the politicians to say it and to change it.”

      The people who own property in East Sac and Land Park likely paid higher prices there, and they also pay higher property taxes to help offset the Section 8 subsidies in the “schitt holes.”

    2. “beautiful communities because they were segregated communities,”

      Ok that’s a pretty weird thing to say these days .

      1. it’s really incumbent on activists, policymakers and the politicians to say it and to change it.”’

        make it ugly so everything matches

      2. Ok that’s a pretty weird thing to say these days .

        The implication is that wypipo are keeping all the good stuff for themselves.

        1. I interpreted it this way: “You should be grateful that you’re inheriting the benefits from your grandparents keeping out the POCs. If they had let the POCs in, your nabe would be trashed by now.”

          Seems inherently -cis to me. POCs don’t trash neighborhoods. POOR people (or angry people) trash neighborhoods.

    3. At some point it’s going to dawn on high-net-worth libtards that the “victim classes” will NEVER be satisfied with anything less than helping themselves to whatever they want from whitey, regardless of what atonement is offered.

    4. I used to live out there. Guy ho I shared an office with show me the deed to his house and it had clauses excluding non-white people. Totally illegal and unenforceable at the time, but my opinion was why spend money to have the language removed (legal fees) when it could be a valuable thing to show others that yes indeedy, these kind of things really existed.

  6. Too much was built as luxury spec homes – that kept getting fancier and fancier. Annex for instance, is N of the university of Toronto there were only so many people that could afford $3-4M houses.

    —–
    “Some of Toronto’s most luxe areas have lost significant value through the duration of COVID-19. According to Strata, the neighbourhoods hardest hit during the pandemic have been The Annex, Bloor-Yonge, Yorkville, and Casa Loma. These neighbourhoods experienced value-losses of ~30%, ~12%, ~12%, and ~11% respectively. Creeping up in fifth place is the Bay Street Corridor, which saw a 6.31% decrease in value over the last year.”

  7. has holes in the walls, tiles broken

    What are these renters doing? I suppose it’s easy enough to bang furniture into a wall or drop something on a tile. But not as a rule.

    But this is interesting:

    “According to the Department of Homes and Community Renewal, landlords can apply for a NY Forward Loan to help with missed rental payments and will not be penalized missed mortgage payments. All missed rent payments during the pandemic must be paid after the moratorium ends in May.”

    So it looks like there IS help for the small LLs, at least to keep up the mortgage. But good luck collecting the back rent to pay back the NY Forward Loan.

  8. Are you still day trading or HODling stonks, or sitting on the sidelines until the next great muppet reaping before getting back into the water?

    1. Realtor, I have so much money left after “throwing money away on rent” every month that I don’t know where to throw it.

  9. “…A Redondo Beach oceanfront home has price-dropped by $4M. It features 10 bedrooms, 10 full bathrooms, along with five half bathrooms. It was built in 2005. It’s now listed at $23M….”

    Do these people even begin to understand what they are getting into when purchasing one of these maintenance monsters?

    Unused homes deteriorate. Add in ocean beachfront salt air and the new owner will have a gigantically expensive maintenance headache on his hands.

    10 full bathrooms and 5 half bathrooms? Are you kidding me? Get ready to hire a full time plumber. Unless you gold plate (literally) all the fixtures, salt air corrosion will do you in.

    1. The listing on Realtor.com also shows two kitchens and a wet bar. Definitely a half-time plumber, full time if you throw any parties. And from the looks of it, a full time landscaper, one or two full-time housecleaners, and a regular pool boi.

      1. Might as well throw in a painter as well an someone to manage them all and write a weekly payroll. Don’t even begin to talk about parking, which in that corner of Redondo Beach is non-existent.

        Essentially, these beach front monsters are land locked boats.

        Maintenance never, ever, ends.

        What’s that story about the 2 happiest days of a boat ‘owner’?

  10. ‘asking $3.5 million for his custom king-sized home. The big man paid $3.7 million for the property a decade ago’

    We keep seeing these (for years now). Asking less than paid a decade ago? What if it doesn’t sale? Sacré bleu! I thought Floriduh was red-hotcakes too? It’s almost like there’s a coordinated campaign of horse-sh$t around the shack market or something.

    1. I won’t link to this utub video:

      Dean Martin’s ABANDONED Palm Springs Home Hideaway

      Feb 6, 2021

      Safeguard strikes again. Boy they’re doin’ a great job with the blower – not. But they’re champs with the gotdam stickers. Again, Palm Whatever is red-hotcakes? How can you have a foreclosure rotting away like this?

      1. “I won’t link to this utub video”

        I watched it anyway.

        The dude who made the video shows himself at the very end, I damn sure wouldn’t be digging in his backyard for fear of what I might find.

        DearlyDepartedOnline
        59.7K subscribers

        1. I damn sure wouldn’t be digging in his backyard for fear of what I might find.

          One of those guys, who when the cops show up, the neighbors say “He kept to himself, but he wasn’t a bad neighbor. We never would have imagined that …”

      2. Dean Martin’s ABANDONED Palm Springs Home Hideaway

        It looks like it’s never been remodeled. It did have power, the A/C unit looked contemporary, and it had a modern trash bin in front. But it does look like its been abandoned for a long time, as in years.

        When I think of Palm Springs homes of the rich and famous, I think of glamorous mansions, and not this plain jane tract home.

        1. “When I think of Palm Springs homes of the rich and famous, I think of glamorous mansions, and not this plain jane tract home.”

          The celebrities back then knew their status would eventually fade, and that they would need an affordable place to live until the next gig arrived, if ever.

          1. Good point. And I suspect celebrity pay wasn’t as good back then as now, and I’ll bet that when they bought a shack, they paid cash, as memories of the Great Depression and the overall aversion to debt was probably hard wired into their brains,

          1. House was surprisingly sparse and looked pretty vintage.

            It does pale in comparison to today’s mansions. But it’s a lot nicer and far more sumptuous than than Dino’s abandoned shack in a middle class neighborhood.

            It definitely looks dated, but Frankie Boy died over 20 years ago, and the new owners seem to like the nostalgia fee that it was “Frank’s Place” so perhaps that’s why it is dated, though it looks pristine.

  11. Orlando, FL Housing Prices Crater 17% YOY As Retirement And Vacation Property Market Seethes In A Pot Of Mortgage And Appraisal Fraud

    https://www.movoto.com/orlando-fl/market-trends/

    As a noted economist said, “I can ask $50,000 for my run down 10 year old Chevy pickup but where is the buyer at that price? So it is with all depreciating assets like houses and cars.”

  12. Has Bank of America turned your private information over the the KGB or I mean FBI?

    Security experts blast Bank of America for helping feds in Capitol riot probe

    By Isabel Vincent
    February 6, 2021

    Security experts — including the NYPD’s former top cop — ripped Bank of America for reportedly handing over customer data to the feds probing the Capitol riots, warning Saturday of a “fishing expedition” that was chilling in its overreach.

    The bank handed over financial data 211 of its clients who happened to use credit and debit cards for lodging, food and other purchases in Washington in the days before and after the Jan. 6 siege, Fox News’ Tucker Carlson reported.

    “That’s just not a good reason to hand over private information. If that’s the way they do business now, then the people of this country really have something to worry about,” said Bernard Kerik, a security consultant who headed the NYPD in 2000 and 2001.

    The FBI did not respond to The Post’s requests for comment, and Bank of America refused to say whether they were complying with a federal subpoena.

    “We don’t comment on our communications with law enforcement,” said spokesman William Halldin, repeating an earlier statement by the country’s second largest bank, which is now facing growing calls for a boycott.

    He added: “All banks have responsibilities under federal law to cooperate with law enforcement inquiries in full compliance with the law.”

    https://nypost.com/2021/02/06/bank-of-america-under-fire-for-helping-feds-in-capitol-riot-probe/

    1. The last time I had a BofA account of any type was over 30 years ago. My accounts are now with a local credit union.

  13. ‘Justin Sun, the 30-year-old crypto entrepreneur who bought $10 million worth of GameStop Corp. at the height of its Reddit-fueled rally, is predicting a paradigm shift in investing as younger people swarm into financial assets…The GameStop position is now worth just $2 million, Sun said.’

    “I think I’m going to hold. Even if I lose money on the GME stock, I still believe this is a paradigm shift,” Sun said in an interview’

    https://finance.yahoo.com/news/crypto-mogul-bets-meme-investing-220000958.html

    ‘Even if I lose money’

    You’ve already taken an a$$ pounding Justin.

  14. Portland: “After flying high for years, the area has been hurt by the downturn in the high-end condo market.”
    Wonder what might have happened to cause the downturn?
    Also, wonder what caused Portland’s ranking to fall from 3rd to 66th best city to do business? Hmmmm

    1. Also, wonder what caused Portland’s ranking to fall from 3rd to 66th best city to do business? Hmmmm

      You mean turning downtown into a war zone hurt? No way!

  15. Winning? Pfft! That doesn’t matter. THIS is what matters!

    Broncos hire new assistant strength coach Pierre Ngo.

    Vic Fangio has filled all three assistant coach openings this off-season with diversity hires.

    You might think that after 5 terrible seasons with no playoff appearances, many of them with losing records, that maybe what matters is hiring staff that will lead to more wins; but you would be wrong.

    Oh well, another 5-11, last place season coming right up, fans! Oh, and don’t forget to buy overpriced team paraphernalia!

    On a related note, Disney just fired Gina Carrano, of The Mandalorian fame, for wrong think.

    1. Winning? Pfft! That doesn’t matter. THIS is what matters!
      I can’t until someone mentions this fact being one possible reason for the Broncos losing . But who knows, maybe they will go undefeated and we will finally realize diversity hires are the key, and pretty soon every team will have 20 women on the roster. Then, I will have to admit it and agree that Sarah Fuller, not Tom Brady is the “true” GOAT!

      1. But who knows, maybe they will go undefeated

        They’ll be lucky if they win 5 again, even if they paint the prancing horse in the stadium in rainbow colors

  16. I live in the Tamerisk area of Rancho Mirage near the Sinatra residence
    I’m off of Sunny
    The area was developed due to the religious restrictions etc. in Palm Springs and Thunderbird. The Marx brothers developed an area of MCM homes designed by Cody. Barbara Sinatra had a home in a pool court development off of Sunny and I believe Palm View. Tamerisk has an interesting history.
    Google the Marantz home for the epitome of MCM architecture.

    1. “I live in the Tamerisk area of Rancho Mirage…”

      Homes in your area have green lawns and ample foliage, indicative of positive cash flow. You should look-up YT’s Jeremiah Babe, and treat him to a take-out lunch, catch his spiel.

    1. “We all know that we also ‘lost’ stories because we moved too slowly,” he continued. “Teams waited for somebody to back-read a piece or ignored the requests from the News Desk to get a blast out quickly. Managers spent too much time setting up conference calls when they should just have been writing. Or teams suddenly delivered enterprise pieces that nobody wanted.

      I guess that sounds better than saying: “Our WEF Overlords no longer need us to crank out propaganda 24/7. Your services are longer required. Good bye.”

    1. “Another group of Chinese investors, whose contributions of $500,000 per person were part of a United States visa program that can grant them a path to citizenship, are said to also be considering filing a similar lawsuit against Related, according to a person familiar with the situation who was not authorized to speak publicly.”

      These developers know how to scam!

    2. The financial wreckage left behind by over a decade of Quantitative Easing is just beginning to come into plain view.

      This is reminiscent of the videos that surfaced a few years ago of skate boarders filming empty Chinese cities. Central planners tend to eventually find themselves with large economic wastelands on their hands whose creation nobody seems able to explain or own.

        1. well at least they spell out in detail what happened. but i noticed right from the start thousands maybe tens of thousand die from opioids each year, had a much lower concentration then floyd had.

        2. The wind chill in Minneapolis was -38-degrees F this morning, and I’m still amazed at the number of refugees from the tropic zone regions who continue to live there.

          1. I’m still amazed at the number of refugees from the tropic zone regions who continue to live there

            The power of free sh!t

    1. They lie constantly, about everything.

      Including “evidence” in the impeachment trial: quoting lying MSM and altering tweets.

  17. So now some major FIRE sector firms are stepping up to further dignify the peculiar notion that an imaginary coinage with a current unit value circa $48,000 has some kind of hard-to-pinpoint practical value. And every similar MSM announcement or Musk tweet sends its value up by another $4000 a coin or so. Pretty soon one Bitcoin will be enough for a HODLer to buy themselves a couple of Teslas to bring along on their first trip to Mars.

    You can stick the current version of this story under the heading of ‘The Emperor’s New Coin’. And future versions might include ‘Where Powell Bux Went to Die’ and ‘Nobody Could Have Seen It Coming!’.

    1. The Financial Times
      Cryptocurrencies
      Bitcoin hits record as US financial giants embrace cryptocurrency
      BNY Mellon and Mastercard unveil new services within 24 hours of each other
      BNY Mellon said its aim was to collapse the divide between the treatment of traditional securities and digital assets
      © Reuters
      Robert Armstrong in New York yesterday

      The bitcoin price hit a record high on Thursday after two major US financial institutions announced new cryptocurrency projects, edging digital assets closer to mainstream use in ordinary purchases and as an investment.

      Mastercard said on Wednesday that later this year it would begin moving cryptocurrencies directly across its card payments network. Previously, the company had only worked with crypto wallets and exchanges to move funds after they had been converted from digital coins into fiat currency.

      And on Thursday, BNY Mellon, the custody bank, announced that by the end of the year it would provide custody services for digital assets on the same platform that clients use for traditional securities and cash.

      The announcements helped to push the price of a single bitcoin above $48,000 for the first time.

      “Whatever your opinions on cryptocurrencies . . . the fact remains that these digital assets are becoming a more important part of the payments world,” Raj Dhamodharan, who leads Mastercard’s digital assets business, wrote on a company blog.

      Bitcoin, the most popular cryptocurrency, may not be moving across Mastercard’s network anytime soon, however. The company said that it would only handle currencies that are stable enough to be a “vehicle for spending” and that as such it would be “focused on fiat-backed stablecoins which we believe have the potential to have greater payment utility”. Blockchain is not pegged to any fiat currency.

      1. It’s so easy to ignore the fine print when you are caught up in the frenzy of a mania!

        ‘Bitcoin, the most popular cryptocurrency, may not be moving across Mastercard’s network anytime soon, however. The company said that it would only handle currencies that are stable enough to be a “vehicle for spending” and that as such it would be “focused on fiat-backed stablecoins which we believe have the potential to have greater payment utility”. Blockchain is not pegged to any fiat currency.’

  18. OMG, The post about the real facts on the George Floyd death is incredible.
    What a difference the entirety of facts makes.
    In summary, the cops did call for medical, and Floyd wanted to get on the ground. He died from a overdose, not from what looked like pressure to the next by that cop. .
    This goes to show you that something that out of context can look like a murder, and not be one.
    But, these narratives of guilt by the deliberate omission of all the facts is the new mob Justice . It’s exactly the method used in the current Impeachment trial of Trump where they are deleting and splicing and taking all facts out if context in this Kangaroo Court Impeachment Trial.
    Fake news that is censoring entirety of facts or dispute to narratives is evident.
    I don’t understand why there isn’t a law against the Media getting away with this one narrative only fake news where any dispute or entirety of facts is censored.
    Just because Monopolies own the News they get to be outright fraudulent in their reporting.
    News is being used as a weapon to take over America by fraud where Monopolies are working in collusion to rule the USA, and the World for that matter, and they are in collusion with their big partner Communist China.

    1. “In summary, the cops did call for medical, and Floyd wanted to get on the ground. He died from a overdose, not from what looked like pressure to the next by that cop. .”

      Applying resting pressure to the cervical spine, back of the neck, is a restraint technique learned in training. It does not cut the air supply. Hooping drugs, i.e., inserting into the rectum, was our doting dad’s method of dosing himself.

      1. RNs,
        It’s amazing that I got sucked into thinking the Floyd death was a murder, just based on the visuals that was void of all the evidence. That’s why you can’t rush to judgement , even when you have visuals that look bad.
        But isn’t this exactly how the Media wants to run the news, being censorship of any dispute, or all the facts.

        1. the Media

          More importantly, they will never admit that it wasn’t a murder, wasn’t hate, wasn’t race and that the violent riots were all their doing.

          1. And when you think about all the deaths, looting , fires, rush to de-fund the police, innocent people being harmed, 8 city blocks being taken in Portland, some Police Stations burned down etc etc. And again the racist narrative, that cops are racist.
            And Democrats seem to think this mob of violent rioters had some kind of privilege to do these criminal acts, over a case where Floyd actually killed himself.
            Unreal,

          2. Before we decided to offshore our manufacturing base George Floyd might have been happily employed by the UWA in an Auto assembly plant and been a real doting dad too. But executive compensation and share holder profits are just too important.

  19. Your right, George Floyd might of had a much better life had the Countries jobs not been gutted by the Globalist. In fact, that’s how I view the damage that was caused by that. It created a lot of poverty, it kept wages down, created class warfare, dewealth the US, etc.

Comments are closed.

Back To Top