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Wednesday, May 24, 2006

Wont Last Long

Check out the listing description for a condo in Redmond, listed at $165,000:

nice clean spacious condo w/territorial view, lots of storage, assigned parking in garage. located near public parking and shopping. gated community w/lots of amenities. new plumbing, new elevator. wont last long at this price.
Setting aside the author's apparent disdain for the Shift key, what I find most amusing is the claim that it "wont last long." According to ZipRealty, this gem of the 70's has been on the market for 75 days. At first I thought that they forgot to type the apostrophe in "won't," but maybe "wont" (see definition 2) is exactly what they meant to type.



Dukes said...

When I was about 20, I tried to sell a car with that phrase, "won't last long."

Well, it lasted LONG. People, or at least most people can see through that nonsense. Just my .02

Anonymous said...

I don't know what is crazier--that or the 'starting at $550,000' condos they are stapling together as fast as they can on one of the dumpier streets in Capitol Hill--11th I think, just east of Seattle Central.

Anonymous said...

Give it another 70 days and a 30K price cut and he may get lucky.

Anonymous said...

a new community very close to MS - on 40th St in Redmond. The sign has been up for a year without a new home built. The sign says "Startting from $1M". The sign said "startting $500K", then "$800K", then $900K and now $1M.

I will be very intersted in knowing what kind of people will buy the first new home here ... For majority of MS employees, even a couple both work in MS, there is no way to afford $1M.

Anonymous said...

That is sick! By summer, the sign will be back to "Starting at 500K"- if they build at all.

Anonymous said...

They've already built a huge new home a littel farther down 40th, and they've started the foundation for a second one. The realtor sign in front has had "sold" on it for a few weeks now.

On a side note, the overpriced IMO 4bd/3ba house for $535k on 164th Ave that "sold" in a week was back on the market I noticed, at the same price. I wonder if the deal fell through.

Peter Taylor said...

Ugh. It's a condo in the "Sixty O1" development. Those things are all hideous. Tim has it right, these places are all relics of the 70's.

Anonymous said...

Anon 2:36-

A lot of deals seem to be falling through now. lots of "back on the market's".

Every once in a while I see place that I covet. It sits on the MLS, too expensive. Finally goes "subject to inspection" for a few weeks. Then off the list. The next month it's back on, slightly cheaper.

I'm starting to really believe that by this time next year, homes will be within my price range.

Anonymous said...

"Peter Schiff, president of Euro Pacific Capital, a brokerage firm in Darien, Conn., said sales of new homes are coming at the expense of existing home sales as buyers respond to aggressive incentive offers builders are using to move unsold homes."

"Once existing homeowners realize they will have to lower their asking price to make a sale, this could cause a sharp drop in sales prices around the country, Schiff said."

"The backlog of unsold new homes rose by 2.4 percent to a new record of 565,000 homes on the market at the end of April. It would take 5.8 months to deplete that backlog at the April sales pace."

This is from today's new housing sales story at:

I love the part about "sharp drop in prices around the country". This is blast of reality from a brokerage firm no less. As stated before, we live in a macroeconomic world where the ramifications of the rest of the country will definitely impact sales here.

BTW...driving in Snohomish there are literally hundreds to thousands of new homes being built, many with postings for "Last Year's Rates" and many look totally empty. I'm wondering how these areas will fare in a slowdown...oh I forgot, Seattle will never slow defies all economic laws, even when hundreds of people lose their jobs in mortgage industries, etc.

Anonymous said...

And who would want a brand new 2500 square foot house in Snoho for 350K when they can get a 1000 sf fixer upper in city for 450K? LOL.

It's gonna happen everywhere.