What's with the freakin gimmicks these days. I thought we were past that. That's usually stuff they try at the beginning of a slowdown. You know, the we'll throw in a free pool, or buy a new house get a new car. etc.
Today I run across this 1488 Andalusian in Norco, This 4000 sq ft home has been an REO and on the market forever. Redfin say's 182 days but I know this home has been on the market for well over a year, Hell, I looked at it a year ago. It's in the area I am looking to buy. It's about the size I want and it's basically a one story. So far, so good. The only problem I have with this floorplan is the funky way the garages are laid out. You must drive up the side of the house then perform a piece of stunt driving to get the car in. My wife has a hard enough time getting her monster SUV into our garage and it's a straight shot from the road. I can't imagine her trying this exercise. The inside is also in poor shape but nothing some new carpet, tile and a little paint wouldn't fix.
Back to the point of the post. This house sells for 1.1 million at the peak. It's goes back to the lender WAY back in Oct 2007. They've been chasing the market ever since. Now it drops to an almost reasonable price WITH a $25K landscaping credit..... WTF. Just lower the freaking price another $25k and you might sell it. I guess it doesn't matter because this baby is going to the REDC auction in 2 weeks. Now if it sells at the $470K asking that would be a staggering drop of 57% from peak. A loss of $630k plus over a year of holding costs plus realtor fees. OUCH!!
Tell ya what mr Realtard, I'll give you $400k for it today! You keep the landscaping credit.