Tuesday, September 4, 2007

Desperate houseowners

This DC property was originally listed five months ago. Initially, the owner asked for $1.1 million. The price didn't impress anyone in the nation's capital and so the owner cut it in November. Yesterday, he cut it again and now it is listed at $939,000. That is a 15 percent reduction overall, and still it looks way overpriced.

According to the realtor write-up, the owner has invested $400,000 in the property. Do the math on the financing; check out rental rates on housing in DC; the owner is obviously in deep financial trouble.

This property was originally featured in the Housing bubble in DC blog. The MLS number is DC5436734 . More details can be found on www.ziprealty.com.

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