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The Make-Me-Sell Price Is Now A Bit Less Than It Was

A report from the Green Bay Press Gazette in Wisconsin. “The housing market around Lambeau Field didn’t prove to be the gold mine that many property owners hoped it would. In March, we wrote about the increasing number of potential ‘Packers houses’ available near the stadium as owners tried to snag a limited number of available buyers or renters who’d pay the rising asking prices. Of the 13 houses we included in our story, none sold over the summer. Listed prices ranged from $280,000 to $800,000. The asking price was reduced on seven and five are off the market.”

“‘We had it listed high, hoping to cash out,’ said Carrie Bardwell, who wanted to sell her house on Thorndale Street. She and husband Jason had their eye on another house. They didn’t get an offer they liked and decided to stay, taking their house off the market.”

“‘We were targeting the cash buyer who wanted to be in the neighborhood for fun. It’s a very specialized buyer,’ she said.”

“Those target buyers are investors who would buy the homes, remodel them and use them as rentals for Green Bay Packers games or other special events, or for their own game-day fun.”

“That has happened to properties on the south side of Shadow Lane between South Oneida and Frank streets in Green Bay, and along Stadium Drive in Ashwaubenon, spurring a belief, or at least a hope, among nearby property owners that the market for such properties was growing.”

“Alhough that didn’t pan out, it doesn’t mean hope is dead. Nine additional properties within two blocks of Lambeau Field are up for sale, including 910 Stadium Drive, which has an asking price of $779,900. Unlike most of the others, that property already is a Packers game-day house.”

“‘I think a lot of homeowners put up a make-me-sell price — ‘If I could get X, of course I’d sell,’ but they are not really motivated in the sense they need to or want to sell the properties,’ said Bill Symes of Symes Realty, in Suamico.”

“Property owners’ make-me-sell price is now a bit less than it was in spring. Reductions in prices among six of the seven March listings still for sale ranged from $10,000 to $50,000.”

“‘I think the properties are just a little bit overvalued at this point,’ said Steven Arendt of Meacham Realty Inc. in Howard. ‘Most of the people are willing to wait, so they really don’t have to sell. They don’t want to leave money on the table.'”

“It may not help that the Packers are experiencing their second consecutive less-than-inspiring season. The team finished 7-9 in 2017 and are 4-5-1 this year after Thursday’s 27-24 loss in Seattle. ‘I don’t think the Packers’ season thus far has helped by any means,’ Symes said.”

“Also, the Packers’ jump into in the housing game could be deflating demand for existing homes. On Oct. 3 the team announced it will build 70 to 90 townhouses and 150 apartments in the Titletown District west of the stadium. While those properties will be designed for permanent residents and are not to be used as party houses, the project still could cause buyers to wait and see.”

“‘I think it definitely has people pausing a little bit,’ Symes said.”

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This Post Has 30 Comments

  2. Everyone thinks there is a unicorn for their “special” house. Even though they were not a unicorn when they purchased it.

    ******

    “‘We were targeting the cash buyer who wanted to be in the neighborhood for fun. It’s a very specialized buyer,’ she said.”

  3. Of the 13 houses we included in our story, none sold over the summer. Listed prices ranged from $280,000 to $800,000.

    I’m thinking there’s a common denominator here someplace, but as I sit here with beetle brow furrowed, I’m just not keen enough to work out what it might be. Is there a real estate professional in the house who could earn their big bucks by explaining why these shacks are still sitting unsold?

  5. Selling a house is a pain in the @ss, a hassle and costly – even if it does not sell.

    Getting it cleaned and keeping it clean 24/7
    Keeping yard looking good 24/7
    Leaving when buyers want to see it. Sometimes with a 10 minute notice.
    Hiding all valuables
    Dealing with buyers
    Dealing with realtors
    Dealing with the nosy neighbors
    Etc.

    No one does it for fun.

    ******

    “‘I think a lot of homeowners put up a make-me-sell price — ‘If I could get X, of course I’d sell,’ but they are not really motivated in the sense they need to or want to sell the properties,’

  6. “‘I think a lot of homeowners put up a make-me-sell price — ‘If I could get X, of course I’d sell,’ but they are not really motivated in the sense they need to or want to sell the properties,’ said Bill Symes of Symes Realty, in Suamico.”

    I believe there’s a term for these among realtors: greedy delusional time-wasters.

  7. The whole nation (including apparently well into the far northern reaches of Wisconsin) has been brainwashed (read duped) into the bubble mania of housing as the path to riches. Twice. This worked on the way up, but as people are finding out now, house prices also go down… “Cheese heads” would be too kind. “Fool me once…”

    The Fed isn’t even a branch of gov’t. officially, but they wield more power than Congress because they control the money supply and interest rates.

    https://twitter.com/pboockvar/status/1064551041549721601
    Peter Boockvar
    ‏ @pboockvar
    “That only a 200 bps lift in the FF rate spread out over 3 yrs has stalled out housing & autos and has many complaining that the Fed is going too fast just highlights how addicted we all became to ZIRP & other central bank machinations & how sensitive we now are to the reversal.”
    8:08 AM – 19 Nov 2018

    1. https://www.zerohedge.com/news/2018-11-21/realtors-urge-fed-stop-hiking-existing-home-sales-slump-most-2014
      Realtors Urge Fed To Stop Hiking As Existing Home Sales Slump Most Since 2014
      by Tyler Durden
      Wed, 11/21/2018 – 10:11

      A few selected comments from article:

      “Realtor’s: “The FED should stop raising rates because we live off of fiat cheap money and people going into unmanageable debt. We don’t care where the country is heading or how other people are doing as long as we get our commissions of thousands of dollars for a few hours work.”

      “There’s never been a better time, to catch a falling knife.™”

      “Everyone wants ZIRP and yield and free loans and no-risk fixed income investments..you can practically see the smoke starting to come out of this duct-tape-and-hope machine that is this co-opted “free market.””

      “The Fed is engineering a recession with simultaneous QT at $50[B]/month and raising the Fed Funds rate. The 2y & 10yr spread is almost inverted now. The Fed is full of idiots.”

      “Real estate pimps are about the most financially illiterate and irresponsible maggots on the planet. They spend their commissions like drunken pirates on shore leave during every boom.

      They drive around in fancy leased cars and buy **** they have no business owning. Then the next bust comes, and they’re pushing carts at Ralph’s again.”

      “Keep Hiking Interest Rates and get the Gov & The Fed out of the interest rate fixing business. The Federal Government has destroyed America by importing the turd world and the massive theft of American’s wealth and turned our kids into debt slaves.”

      etc., etc.

      “The Fed is full of idiots.” Spot on.

        1. Now they can’t normalize interest rates without accidentally stampeding the Wall Street bull herd over the edge of a cliff. Too bad, so sad, that the stolen returns on Grandma’s and Grandpa’s CDs will no longer be used to subsidize Wall Street’s casino gambling activities.

      2. YoY vs. MoM:

        From the ZH link:
        “Despite a modestly better than expected 1.4% MoM rise (after September’s 3.4% slump), existing home sales slumped 5.1% year-over-year – the biggest drop since 2014.”

        The media were falling all over themselves today, proclaiming the 1.4% MoM increase, but “crickets” for the -5.1% YoY number.

        What matters?
        https://www.quietlightbrokerage.com/buying-tips/financial-trend-analysis
        “Year-over-year [YoY] trends are better predictors of the future. Because different months may have more potential to perform well than others, a year over year trend provides a better assumption to make future predictions.”

        https://confoundedinterest.net/2018/11/21/us-existing-home-sales-for-october-fall-5-1-yoy-8th-straight-month-of-negative-growth/
        US Existing Home Sales For October Fall 5.1% YoY, 8th Straight Month Of Negative Growth
        confoundedinterest17 | November 21, 2018
        “Of course, the business media touts the headline “Existing Home Sales Rise 1.4% in October After 3.4% Decline in September.” Winning!”
        “But on a YoY basis, existing home sales fell 5.1% in October, the 8th straight month of declining existing home sales growth.”

        Based on the today’s YoY data, and numerous other metrics, U.S. (and global) housing are declining, and have been for some time, and yet the media are attempting to put “lipstick on a pig”. One only has to ask where their advertising revenue comes from…

        “It is difficult to get a man to understand something when his salary depends upon his not understanding it.” – Upton Sinclair

        “There are three kinds of lies: lies, damned lies, and statistics.” – Mark Twain

  8. “‘We had it listed high, hoping to cash out,’ said Carrie Bardwell, who wanted to sell her house on Thorndale Street. She and husband Jason had their eye on another house. They didn’t get an offer they liked and decided to stay, taking their house off the market.”

    Seems to be the trend. Ask way too much in a tanking market, get disappointed you can’t get what you want and then stubbornly withdrawal from the market. Well it’s got a long way down to go so don’t be kicking yourself in the ass when you try and sell again in the future…

    “‘We were targeting the cash buyer who wanted to be in the neighborhood for fun. It’s a very specialized buyer,’ she said.”

    Oh yeah, that buyer that wants to buy for fun with that abundance of funny money right! Wait… where did these buyers go?? To late there Carrie, your shack is plummeting in value each day. Put some more miles on that investment of your and see how much you can get in a few months…

    1. Will the Fed walk back its rate hike plans in time for the Santa Claus rally to happen?

      Stock-market investors are sending Fed’s Jerome Powell a crystal-clear message
      By Mark DeCambre
      Published: Nov 21, 2018 10:55 a.m. ET
      ‘The market is saying that the pace is a little too fast’, says Wharton School Professor Siegel
      A message for Powell?

      The Federal Reserve is bent on normalizing interest rates from crisis-era levels. Who can blame policy makers for wanting to reassert policy order in an economy that no longer appears to require easy-money programs and is enjoying its lowest unemployment rate since 1969?

      However, Wall Street investors appear to be signaling that it can’t withstand an unabated pace of rate increases from Federal Reserve Chairman Jerome Powell.
      …

      1. They did this BS in 2000-2001 too, when the dot-bomb and 911 corrected the DOW. I clearly remember the fake news text running on the bottom of the screen on CNBC: “Greenspan to cut interest rates again? (HINT HINT HINT).” Hated it.

  11. “‘We were targeting the cash buyer who wanted to be in the neighborhood for fun. It’s a very specialized buyer,’ she said.”

    Ahhh, the old “bucket of money and box of stupid” buyer. Yeah – those are gone now. Good luck.

  12. “Of the 13 houses we included in our story, none sold over the summer. Listed prices ranged from $280,000 to $800,000.”

    Which means $280,000 is too much. That $800k? The stench of greed can be smelled around the world on that one…

  13. ‘Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!’

    —President Donald Trump

    Love it.

  15. “It may not help that the Packers are experiencing their second consecutive less-than-inspiring season. The team finished 7-9 in 2017 and are 4-5-1 this year after Thursday’s 27-24 loss in Seattle. ‘I don’t think the Packers’ season thus far has helped by any means,’ Symes said.”

    It’s the Packers’ lousy season, not an epic real estate bust colliding with the absurd idea of maintaining a home solely for access to football games, which explains why those places suddenly won’t sell.

    1. This reminds me of the people here in Vegas who are certain that home prices/rents will go up even faster once the Raiders move here. Sure, whatever.

  16. Packers fans are morans, plain and simple.

    910 Stadium Drive, listed for $779K, is a 1960 3/1 ranch shack. The inside looks like a double-wide.

    Who the F holds a football party in a house with ONE bathroom (you know what I mean)? For the same money, you could buy a palace 10 miles away else and hire a limo on the 8 game days a year.

    1. I suppose I should add that I assume these people don’t watch the game i the house. They rent the house to walk to the game, but I’m sure they’re still partying before and after… in a house with ONE bathroom.

      An additional point: Green Bay is hardly a “vibrant” city if the house price rides on the football team. TBH, if I were to spend $700K+ on a game house, I’d pick a 2-bed condo next to the Superdome, or the Yankee Stadium, or wherever the Lakers play. Something with a nightlife outside sports.

      1. Why buy it at all when you can rent it for half the monthly cost?

        Buy it later after prices crater for 75% less.

  18. I don’t know about you guys but when I read Lambeau Field my head said “frozen tundra” in that classic NFL Films voice.

    da bear

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