A number of spec houses built in ’07 that were rented out when they failed to sell are coming back on the market. As far as I can tell, time has not improved their market value.
This one on Sound Beach Avenue for instance couldn’t get $3.950 and was finally rented in July, 2008. It’s been back up for sale for a month and today was reduced to $3.399. I have no knowledge of the seller’s financial arrangements and thus don’t know whether the rent was carrying this house for the past two years, but an increase in market value has obviously not occurred.