Thursday, September 6, 2007

Stairway to heaven




The realtor's choice of photo says a lot about a property. A photo of door and the stairway to another apartment was the best that the realtor could do. With a photo like this one, you just know that this has got to be a classic PoS.

Desperate to find something positive to say about this one bedroom LA apartment, the realtor claims that the "courtyard has lots of greenery and flowers." Well, here is the courtyard.....




I just love the flag; everything else looks like potted plants and peeling paintwork.

Desperation did not just infect the realtor. The owner is also in a rather distressed state of mind. The property has been on the market just seven days. Already, he has reduced the price one.

He may need to be much more aggressive on pricing if he is going to dump this wreck. Why would anyone buy it for $345k when they can rent it for $1,100 per month? The mortgage alone will cost $2,200 while taxes are $190 per month. Then there are condo fees, repairs and insurance on top of that. Like so many of today's listings, the valuation for this PoS just does not make financial sense.

Thanks Mike for this listing. It can be found on zipreality.com.

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