136 Cat Rock, that bank-owned flop originally listed in 2006 for $3.665 million, sold today for $1.505. I think they still overpaidm, but the 70% assessment shows $1.606, so perhaps the buyer did alright.
18 Baliwoods, originally listed in 2007 for $1.875 million, sold today for $1.125. Both these houses should serve as an example for sellers determined to hold out for their desired price. That’s what these owners did and ended up with far less (or nothing, in the case of cat Rock) than they could have had two or three years ago. Holding on for a better market does not guanantee that a better market will arrive.
Perhaps the builders of 6 Loading Rock Road in Riverside are learning this. They price3d thie project at $3.695 million in January 2008 when the market was already several months into its swan dive and have sat on it ever since. Today it was marked down to $2.650 million. And it still hasn’t sold, so there’s more room where that came from.