Thursday, September 6, 2007

A realtor recommendation

Recently, I've received a surprising number of suggested postings from long-serving realtors. For example, this one was sent in by a realtor, called Corbin, who hails from California. Corbin is an "old hand", who has been in the business for ten years.

This is how he described the property above:

"Even at the peak of the bubble, this property wasn't worth $800K. The property is much uglier than it looks in the picture (i.e., sides have stucco finish, window AC units, etc.). I've been a real estate broker for 10 years and this is truly the most overpriced home ever on the market (at least below$1.5 million)."

I sense that many realtors are becoming somewhat unnerved by unrealistic valuations, increasing inventory and rising interest rates. Properties, like the one above, tend to undermine other more reasonable valuations. Buyers just look and laugh, and bring their skepticism to the next viewing.

As Corbin suggests, this 4 bedroomed Silver lake (CA) property is on the market for $1.5 million. The write-up describes this wreck as a "charming English country home". Well. I've just been in England and I didn't see anything like this in the Nottinghamshire countryside. Perhaps, I wasn't looking hard enough.

Thanks Corbin for the link, which can be found here. It is much appreciated. If there are any realtors who want to get an overvalued property out of their system, sending in a photo to this blog is cathartic. Relieve yourself of all that pent up guilt.

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