August 22, 2011

A LOOK AT the housing bubble in Bel Air. It’s worse than you think. “Here is someone that waited one year too long to exit the market. If this home was put on the market in early 2007 it would have fetched $1 million and more easily. Yet listing it in September of 2008 when the markets were imploding in historical fashion was not exactly good timing. The chase to the bottom is rather clear. It went from a listing price of $1,495,000 to the current list price of $870,000. Will this home sell at that level? . . . Of the 23 homes listed on the MLS for Bel-Air 3 are short sales and one home is listed as a foreclosure. Yet this does not tell us the entire story and this is the continuing saga of problems that we will be facing for years to come.” Chasing the market down is the worst mistake you can make but I keep seeing people do it. (Via NewsAlert).

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