Wednesday, September 5, 2007

The end is nigh

This kind of listing means only one thing - the end of the bubble. This Queens, New York owner has either a) run out of money, or b) fears that the final sale will be insufficient to cover the renovation costs. What ever the underlying reason for this distressed listing, it smacks of desperation.

Although the owner may be desperate, he still needs to go to the medicine cabinet and take a spoonful of foul tasting liquid from the bottle labeled reality. The property is on the market for almost a million dollars. Given the current market, only a fool would buy a property in this condition. As we all know, New York tends to come up short in that category of people.

Thanks Fabienne for the listing. The MLS Number is 1790836. Are there any desperate owners trying to off-load half finished renovations in your neighborhood? If so, we need to know.

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