patrick.net

It is sad to see the facet of housing bubble deflation. As long as we see this type of stupid transactions, we will never see the economic recover. It is sad, cause it really won't do any of us any good. I guess the listing agent has money and time to waste on this property.

I have a feeling that this property is going to be foreclosed eventually. That would be another year or so. So the economy won't recover for another year or so.

Probrably an insider such as a business associate or family member will "purchase" this house. The money then will be retransferred to the buyer and the property will be resold. This will then give the appearance that the house is worth more than it actually is.

Quote..." The money then will be retransferred to the buyer and the property will be resold. .." I think you mean relisted? There is a HUGE difference! As the unemployment rate increases and the average family income stagnates or decreases, there is only one direction for the house price to go... DOWN DOWN AND DOWN....circling the drain. Just don't HELOC the thing. What about comps? What about actual costs to build? It only costs $65/sq to build new and custom.

BobbyS says

Probrably an insider such as a business associate or family member will “purchase” this house. The money then will be retransferred to the buyer and the property will be resold. This will then give the appearance that the house is worth more than it actually is.

New reality of growing number of RE transactions. Nothing illegal though.

OMG#3

:)

Based on my readings, and back of the napkin calulactions. I don't see much of a recovery for years to come. (Government sillynessaside) we may be witnessing a major change in lifestyle of americans for the decades to come as Marc farber said on Bloomberg, Friday the world economy needs to crash and reboot maybe we are the biggest part of the start of that.

My immediate reaction to its history: "....ka-ching!...."

Patrick, what's going on next door, stage left? How long has that been going on? Second story gives the impression of a poss fire at one time.

Would I buy with a permanent porta-potty next door? Nope.

@marie:

The house on the left is now finished (this Google Maps image must have been taken about 2 years ago).

Every house on this street started out (in 1950) as a 2bed/1bath, 800sqft ranch home on a 5500sqft lot. Since then, most people have expanded, and in the last 5 years, many 2-story behemoths have been built: 4000-5000sqft homes on 5500sqft lots!

The house "For Sale" is wedged between 2 such houses.

I call a situation like this "Living in McMansion Canyon".

Todd

P.S. I forgot to mention, I rent one of those original 2bed/1bath houses (the 1-car garage was converted into a 3rd bedroom). I'm looking to move, and have been for some time, but prices AND rents in SoCal allow no easy solutions!

Well it is south of the Blvd. Its overpriced but its a great area to live, I do mean Great.

Thanks, r2t! Loved your comment on "McMansion Canyon." LOL!! Goooood name!

I can't help but think of that saying, "Shirtsleeves to shirtsleeves in three generations." Makes me wonder if by 2028 those McMansions will be rooming houses.

Cvoc13 says

...world economy needs to crash.

The way I see it is debt fueled economy(like US) not the entire world economy.