Getting Serious About Your House and the Market

Ouch! Thats a life changer, seriously. Bought for $760K, conservative estimate sounds like he put in $40K, cant sell for $449K, and thats not taking into account transaction fees. Thats the type of stuff that ruins wealth going down the family lineage!

Just walk away...I know, I said it, sue me - or him!

It is pretty sad, isn't. Agree, I would also walk away.

'aint this the story...

"he got what he considered an “insulting” bid of $525,000. Five price reductions later, he wishes he had taken that offer."

lots of regrets these days...

Tough week in Philly

Have a cheese steak, some perogies, take a walk on South Street...
Even under the best conditions....it's still Philidelphia.

ah, a trip to genos should soothe the pain.

We had friends up from Florida (West Palm) who bought their condo at the tip top for $245k. They told me it's worth $80k today, is that possible? They both are still working, he's doing well and they would love to move to a canal location now that prices have dropped, but how? Can't sell, won't walk and the rent they can get is like a 1/3 of the mortgage/HOA.

Two+ years ago a young couple turned down our offer on a craftsman in Maplewood, NJ. Thank god,looking back it was a gift. Not many couples want a 900 square foot craftsman in the burbs to begin with...

Shortly after that I realized things were not quite kosher and moved on, but all my broker friends were telling me NYC was bullet proof...

Sorry that was supposed to be posted under "Keithb"! My new handle...

I've said to relatives: "Well, it's not a cancer diagnosis."

Mistakes were made. People routinely over-improved their apartments and houses during the bubble. Go ahead and put in the $12,000 shower, just don't expect to get your money back when you sell, that's all.

The other thing I'm seeing too much of is people with apartments with NO views--all windows look out onto a brick wall that's no more than 5 feet away--who now think they can sell them for a price only slightly less than the comps with views and great light. In your dreams, baby.

{Manhattan real estate agent.}

unless he absolutely has to sell bc he is moving out of the country or whatnot, why not just wait it out? so it might be another 5 years or so, but still....the days if flipping obvs are over, so you just have to relax and enjoy the penthouse!