November 08, 2007

"I just need one buyer. How can there be no buyers? It's just so frustrating..."



Uh, sorry to say, but here's a hint:

LOWER THE F*CKING PRICE!

Econ 101 folks. I guess most people missed that class.

52 comments:

Anonymous said...

no reserve auction = 1 buyer

Frank@Scottsdale-Sucks.com said...

LOWER THE F*CKING PRICE!

How many foreclosures and bankruptcies will it takes for homedebtors to get a clue and lower the f*cking price??

Eric said...

Kiersten Kent is a fucking dolt. "Just under $1 million"? Are you kidding me? They will have to reduce the price by at least $150,000 and even then they probably won't get any interest. These morons will list it for $999,000 and it will still sit unsold. They're bagholders and sooner they get real and price their home to sell the better off they'll all be.

Another thing, why is it that all these real estate personalities are so scared to be real with these people? Two years ago they were all rock stars and could do no wrong, and now they don't want to tell anyone they'll never sell their home for what they want and are stuck in them? I know no one wants to be the bearer of bad news, but Kent telling the divorcees that a paltry $50,000 reduction in price and a new marketing strategy would sell the home is downright stupid.

ocrenter said...

here's my take on this one, enjoy!

Help Suzanne and John Day at BMIT

Princess Mononoke said...

I know I know I totally agree with you about Econ 101. It is so simple to us and yet an unreachable concept for the sheeple and Realtors.

I hear this crap all the time. In fact, I don't care to socialize right now because everyone seems so damn stupid right now. Their true colors are being revealed!

Anonymous said...

It really shocking to realize EVERY HOME IN CA costs ONE MILLION DOLLARS.

Now there are ghetto or rural areas or condos for 600k but otherwise its ONE MILL PLEASE.

Whole state is fookin destroyed.

Princess Mononoke said...

LOLOL!!! That is toooo funny :)

Yes, here in Los Angeles you can buy a 2+1 bungalow for over $1Mil. No Joke! The ghetto's were being priced at over $600k at peak. Yes, our market correction will be severe.

Most especially for all those who cashed out their equity and will be upside down for a very long time. Some analyst are estimating prices going back to what they were in 1997 or lower because of the crisis!

Anonymous said...

if they missed Econ 101, there's a makeup lesson at The School of Hard Knocks. I hear they have electives on the subject of Stop Relying on the Nanny Government to Protect You from Everything.

Anonymous said...

Hey OC Renter, great job as usual.

Anonymous said...

I hear this crap all the time. In fact, I don't care to socialize right now because everyone seems so damn stupid right now.

I feel your pain.

Anonymous said...

I am sure there are situations like that around here (Eastern Mass), but I gotta tell you: This scenario (with the weepy wives) is what I really expected from California.

"Lower the f*cking price!" please...weepy wives...will you?

Massachusetts

Anonymous said...

Let me guess, big shot John show up tan, with his leased BMW, throwing HELOC money around Suzanne, who got impressed and immediately "fell in love with him". Now that the housing ATM is gone, so is the love. Now Suzanne is going for the third schmuck, since three is a charm. Ohhhhh, and she got all emotional on TV about the kids....ohhhh, always the kids. God bless humanity.

Anonymous said...

Suzanne needs to start marketing herself and her ASSets if they have any hope of selling the place. Being that they are divorcing, John should not have a problem with her leveraging her ASSets to at least get some foot traffic into the home. I'd never touch a MacMansion like that.

Anonymous said...

Gee, guess they better kiss and make up? No need to sell then!

nnj said...

OMG, half way through this video I realized I was out of tissues.

She painted the coffee table and the house didn't sell? Hmmmm somethings not right.

Anonymous said...

QWEEFER,

Did you catch the CNBC report on Miami condos? Could have been produced by you. About the most honest and straightforward MSM story I have seen about real estate.

They had the one token idiot investor who thinks all will be well. Aside from that the message was anyone who bought a condo in Miami is beyond fucked.

Anonymous said...

Inherent in the discussion about value is a complete misunderstanding. The homes were never really worth the amounts being paid. B/t all the artificial demand & fraud pricing was distorted. The divorcing couple just needs to drama price BELOW their 05 peak price or kiss, make up and not sell.

The marrying couple need to cut to 02-03 pricing and demand the same from their builder.

Anonymous said...

Now the number of home buyers available match the number of real jobs available
0=0

westwest888 said...

My former coworker who hates me sent me a message and she's says "r u still in the real estate market". I told her I'm not serious, she says "u wanna buy my place." I say no but in case someone else wants to mind if i ask the price. She says the broker told me to list for $410k. For background, it's in Arlington, VA a couple miles from Washington DC. It's an a 1BR 1BA box condo in a nice building from 1985 among literally 50 new buildings built in the last five years. Most of them still have cranes above them and are not complete yet - I estimate 2000 new units will soon go on the market within two miles of her place. I told her that doesn't make me want to open my wallet and that if she wants to sell it fast she is lucky she can go lower (bought it for $200k perhaps 5 years ago). What a joke, I fear for her marriage. She's putting this place on the market next week and staying here until it sells while her husband goes back to his home state. My bet is that she sells it in a year for $310, best case scenario. The builders are selling new units for $350k as of spring 2007. That will slip to $300 or lower next summer.

Anonymous said...

the problem:

A: Thesee people got their education/indoctrination at California public schools.


B: These people have been watching way too much HGTV

devestment said...

Lower your price to $699,000 Better hurry before the fed saves the dollar and I'm making over 10% on my money in Treasuries. Then the house will be worth about $346,000.

I like the way they invite the woman in to fix the problem from HGTV. How do you fix your problem with more of the problem?

Veronica Lodge said...

RE: ocrenter said...
here's my take on this one, enjoy!
Help Suzanne and John Day at BMIT
November 08, 2007 8:53 AM


The map of that house is very revealing:

The house is separated from its next door neighbor by what appears to be around six feet. The house is bordered on three sides by streets.

Anyone willing to drop a million dollars on a McMansion can do a lot better than this.

V.L.

devestment said...

It sure looks to me like Mr Day cheated. I feel most sorry for the kids who are experiencing public humiliation because of someones selfishness. I have a dollar that says the house sells to a bottomfeeder, the kids end up on drugs, Mr Day's new lover pumps and dumps, and Mrs Day ends up with someone nice.

ps. I buy distressed assets and gold teeth. ;)

Mammoth said...

Well, my house finally sold last week. Whew – I feel like I just scraped by under the wire. Kinda like reading the cockpit voice recorder transcript from an airliner that crashed…like bailing out just before impact.

Pricing it right made all the difference in the world. Went on the market Oct. 9 and we closed on Oct 31.

Bought the house for $126,500 in 1997, and it sold for $284,000 - $6K down from the asking price. That comes out to 225% more than I paid for it! At 988 sq. ft, this = $287/sq. ft. = ridiculous! Just an ordinary house - 47 years old, 3 br 1 ba - in an ordinary working class neighborhood that is in decline. Zillows for $304k.

The house was a rental and I kept the rent affordable; didn’t raise it during the 6 years that the tenants lived in the house. They took decent care of the place, and I fixed every problem when it came up. I worked with these people when they struggled to pay the rent.

I considered selling the house last year when prices here were at their peak, but just could not allow myself to kick these people out of their home. So as a result, the house sold for $25k less (8%) than the neighbor’s house sold for last year, but you know what? I did the right thing, and can look at myself in the mirror with a clean conscience.

So who bought it? Who would purchase a home in today’s falling market? The buyer’s first names are Luis, Jorge, and Ana Maria, and they put 20% down. That’s who bought it. With 20% down, these people have a solid stake in the house and I hope they will do o.k.

-Mammoth
----------------------------------------
Please don’t fvcking accuse me of being some Donald Trump wannabee – it was all pure luck. Well…mostly. It took some guts to become a landlord rather than just take the easy road and sell, when I moved out of the house. I had an inkling back then that the house would appreciate in value, but not by the amount that it did.

These days, $284K is at the bottom end of the price range in the suburbs north of Seattle (Lynnwood). Still, I feel lucky that the house sold so quickly. I put it on the market on October 9th, and received an offer just 4 days later. Closed the deal on the 31st.

So, what does it take to sell a house in today’s market? IT’s THE PRICE, STUPID!!! Plus, I spent every single weekend, as well a few evenings during each week between August 1 and mid-October, fixing up the house and making it look nice. Note - no granite countertops or cheesy brass address numbers on the front of the house, just a clean-looking place with everything in working order.

I painted it inside & out, did some landscaping, replaced the carpets, bathroom floor and kitchen ceiling. I pulled up every single piece of baseboard & door molding, filled in all the nail-holes and restained them. Rebuilt & painted the picket fence in front. Removed the water heater from the back bedroom closet and installed a new one in the garage, which meant spending a few pleasant hours routing wiring through the 2-foot crawlspace underneath the house. Fun stuff!

Also did a lot of miscellaneous stuff, as you can imagine - all the little things you see when you examine your own residence with a critical eye.

Yeah, it was a LOT of work and cost ~$5,500, even though I did it myself, except for installing the carpet & routing the plumbing to/from the new water heater. Plus making 3 month’s payments on a vacant house @ $1,130/mo for a grand total of ~$8,900 out-of-pocket costs, even before the house sold.

Now here’s something that all HP’ers will get a real kick out of: When I was staying overnight at the house, I slept on a sleeping bag on the floor because there wasn’t a bed. And because I didn’t want to mess up the kitchen, my dinners at the house consisted of…drum roll please…a can of sardines and Ramen in a Styrofoam cup! Kinda like living the FB lifestyle for a while, there.

-Mammoth

Anonymous said...

She painted the coffee table and the house didn't sell? Hmmmm somethings not right.

LMAO! Good one.

westwest888 said...

From an email:

"Market Analysis
Is this the bottom of the real estate market?
Signs of strength begin to appear within our local real estate market.

It’s no secret that we’re in a down real estate market. However, we at Corus Home Realty are ready to go on record in saying that we see signs of a market bottom, with a possible recovery ahead."

Marky Mark said...

Did anyone watch part II of this?

LI couple can't sell house for $475,000. Has an "open bid" night (100 people came by) and highest bid is $398,000 (they don't have to accept). So now the couple is going to try to rent. And PS - they already bought another house!

GT said...

homes are, right now, depriciating assets, no different than a car...
if i buy a brand new hummer today for 50k and try to sell it for 50k when i am done with it next month, i do not complain there are no buyers when nobody looks at the thing. i say, hmm, must be overpriced, i will lower it to 25k.
easy peasy

Anonymous said...

.


What a whinner!

Relating the current home price to what he could have gotten a year ago!


Lower your price idiot!



.

Anonymous said...

Yes, when dabbling with some paint on an old coffee table (WTF does that have to do w/ the HOUSE!?) won't attract buyers then I go into a deep and irreversible depression. Don't you know tears of joy and PAIN went into that! How can you people be so heartless!

The "crew" over at patrick.net define this as "cargoism" and I think they're right?

So NO! (I don't exactly feel "sociable" of late)

DinOR

Anonymous said...

I'm a Realtor. It's about PRICE. No amount of marketing or hoopla will work. Lower of get out of the market. Half the homes on the market are homes that do not need to sell. It's overloading the inventory. Waaa my house is not worth what it was last year. Then wait it out. Quit trying to push a rock up hill as it grows larger. I'm real with my clients and thats why I am still selling. It's dumb people like these that I use to sell other homes. Wake up Sellers.
My moto for sales is .. Steal or no Deal.. Waithing for the right or one buyer is the worst advice ever.. And some homes .. NEVER SELL. BTW I have my own brokerage and call all the shots. No Gold Jackets here. No Cheerleaders.. No corporate mission statements. No part time'rs.. I don't care if I dont get a listing because of fear from offending the seller with a suggested price. My house is worth what? Sorry Sir it's not 2005... BTW do you read the papers? Where are we on Mars? Call me when the agent you hire can't sell your home or after your 4-5 price reduction when your agent just made your listing a stagnent turd nobody wants.. The truth folks just the truth..

Anonymous said...

This is a pretty OLD 20/20. I saw this months ago.

The question is now, DID THEY EVER SELL THEM???

Keyser Soze said...

I still contend that Kiersten will make a hell of a pole dancer....she has a mean streak.

scragglepuss said...

"The marriage was easier to get out of than the mortgage."

HAHAHAHAHA, oh I'm sorry I can't help it. Oh my, HAHAHAHAHA.

"Love will triumph over real estate."

BWAHAHAHAHAHA, you're killing me!

smitty said...

From the "John and Suzzane Website"

"As the couple is divorcing, they NEED the $150,000 profit from the sale of the home. Quite frankly, they are entitled to it, Gary Watts said so!"

Why didn't anyone tell John and Suzzane that the biggest money losing proposition in life is divorce? Buying a home is up there, I think, but not like having to "mark to market" stocks, bonds, cars and your house so you can divide the assets and then, subsequently, bear the costs of life on your own and have to put wasted money into making life nice again.

and, did that "17% profit" including marketing expenses and realtor fees? If the need $150,000, over $50,000 will be going to the realtor... and moving expenses... ouch!

Anonymous said...

For a million dollars I'd rather move to Fiji and live like a king instead of that cesspool known as SoCal.

Out at the peak said...

Mammoth: Congratulations. Feels great getting out, huh? I felt my heart beating during times like that. My buyers' names sounded like that too. They put down $50K and lost the house (now sitting as nearly a $200K loss REO for ~90 days!). They had $4K/month borrowing and tax costs. What were they thinking?

Marky Mark: I watched that too. Semi-impressive to draw several lookers from the auction. However, since they couldn't get close to the $480K+ that they were looking for, the auction was a waste of time. Very classic tale of home sellers not getting the price they "need" or want, so they are renting it out. This becomes hidden inventory and no way will the rent cover expenses. That danger for the renters as the owners have reason to default and give up.

Anonymous said...

As a foreigner can I just ask, with the utmost respect to the sensible Americans on this blog and elsewhere:

When you watch a video like this, can you see how there could be people on this earth who hate Americans on a visceral level?

These people *choose* to make themselves miserable by pursuing an appearance of material wealth at all costs when they already have more than anyone could reasonably want. How neurotic will their children turn out to be?

Eric said...

"Did anyone watch part II of this?

LI couple can't sell house for $475,000. Has an "open bid" night (100 people came by) and highest bid is $398,000 (they don't have to accept). So now the couple is going to try to rent. And PS - they already bought another house!"

You could tell guy wanted to sell for the 398k they were offered but the wife wears the pants and she's never going to sell for that much. Hope they enjoy two mortgages because they'll probably ask too much for rent as well and it will sit vacant.

Princess Mononoke said...

Anonymous said...
For a million dollars I'd rather move to Fiji and live like a king instead of that cesspool known as SoCal.
November 08, 2007 7:18 PM

I'm so with you on that!!! I've actually been contemplating it. I could start a scuba diving biz :) or kite surfing? Hhhmmmm

Anonymous said...

She hadn't mentioned it until now, but Kirsten's "Property Ladder", like all ladders, can be used to go both up and down!

a.creme de la creme-puff

(That'll be one million dollars, please)

Anonymous said...

"Corus Homes calls a bottom"?!!

Haaaaaaaaaaaaa--Anyone in Real Estate stupid enough to work for this company is a MORON!!

They pay their "Realtors" the most paltry salary, while the Criminal Fat Cat's at the top suck up all the commissions. You will make more flipping burgers somewhere, AND go home with some dignity at the end of the day too...what a BONUS!

Realtors everywhere LAUGH at this company.

The DONALD said...

Kiersten Kent is an absolute MORON and has no business in Real Estate whatsoever.

Take whatever commission you can ferret out of these sorry suckers Kiersten honey, and go and buy yourself a real set...then you will be ready for a new and exciting career--Waitress at HOOTERS! Weeeeeeeeeeeeeee!!

Anonymous said...

You are right. After seeing these poor, sick bastards cry over having to ask less than a mill for this crap box, it is no wonder the World hates Americans....so so very pathetic.

Anonymous said...

Buyers are waiting on the side lines........."experts say" thats always my favorite. So for you experts let me spell it out for you, we arent "waiting" we just cant F*CKING PLAY AT ALL, My wife & I have our cars paid off $0 debt $75,000 in the bank , we make $120,000 combined income and I never felt so broke before because it doesnt buy you S*it. $500,000 for a converted apartment/condo, I gues you realestate people have to make your $50,000 commission

water boarder said...

These people simply did not have the right REALTOR. A good realtor would be creative. I know some good realtors. When a buyer is hesitant because the price is too high he water boards them until they agree to the price with no inspection. Awesome.

Anonymous said...

They can't afford their dreamhouse unless they sell the two houses they already own. Break out the violins.

Anonymous said...

What a JOKE...drop your price you idiots!

Anonymous said...

when the price matches value then buyers will buy. When property comes in line with renting then people will buy. Why buy a home for $10,000 a month when you can rent it for $2,000 a month. HELLO this is not complicated. NEVER PAY MORE THEN 100 TIMES FAIR MARKET RENT!

They talk about $1M in the video like it is nothing...when in fact someone should earn $400K a year and have $200K down. That means less then 1% qualifies for this overpriced CRAP.

bob said...

I can hear my dad's voice, clear as day, telling me 35 years ago about the stock market: "Some people buy, and when it goes down, they think the market 'owes' them something and they hang on waiting for it to come back up. They say they haven't lost the moeny until they sell it. A thing is worth what somebody will pay for it and no more." God I miss that man.

Anonymous said...

"These people *choose* to make themselves miserable by pursuing an appearance of material wealth at all costs when they already have more than anyone could reasonably want. How neurotic will their children turn out to be?

November 08, 2007 7:53 PM

"

You just NAILED that one !!!!!

And SO RIGHT YOU ARE !

Anonymous said...

"The Times They Are A-Changing" and "A Hard Rain's A-Gonna Fall"
come to mind.