May 26, 2008

Here's the new "catch a falling knife" spin from one realtor in California: "Congratulations--you timed the market! This is what you waited for!"


Now we have "WEEKEND BLOW OUT SALE!!" on houses.

On houses.

What next, houses down at the dollar store? Houses at the flea market? Houses from a shady-looking guy out of the trunk of his car?

An HP'er reported on these fire-sale Ruxton Pacific Townhomes in Redondo Beach in the local conditions thread, but they and their new realtor huxter deserve their own posting I'd say.

Here's some of the great copy from this failed development's new pimp, Ed Kaminsky. Sounds like someone selling used cars to me..

BUILDER BLOW OUT SALE THIS MEMORIAL DAY WEEKEND! SECURE YOURS TODAY OR KICK YOURSELF TOMORROW!

Congratulations--you timed the market! This is what you waited for!

Memorial Day BLOW OUT SALE going on now through Sunday.

WAS $849,000 now starting at JUST $599,000!!! . . . . . .

The builder says:"Sell them ALL this weekend!". . . . Secure yours today or kick yourself tomorrow! Doors open at 11:00 a.m., Thurs., Fri. Sat. & Sun.! . . . . . . .

22 comments:

Anonymous said...

He should have said "secure one today and kick yourself tomorrow" as the price drops another 10%

Anonymous said...

They are....get this....TOWNHOMES!!!

Anonymous said...

i used to live about a mile away from there. first off, the development is right next to a railroad track, which was very noisy back when i lived there (2 years back). second, you're still a good 45 minute bike ride to the beach, (not nearly as "ocean front" as the ad seems to make it appear it be)

Paul E. Math said...

Is there really someone out there stupid enough to fall for this who also qualifies for a $600k mortgage?

Are there really any suckers who would fall for this cheap, cheeseburger sales-pitch who weren't already taken to the cleaners in 2005?

I think the Ed Kaminsky Real Estate Team is still fighting the last war, using yesterday's tactics to make sales in a totally different environment.

Kaminsky and his team will be chewing Ramen for a long, loonnnng time if this keeps up.

Anonymous said...

Folks, let me give you a piece of advice. When you hear any sales person telling you "luxurious" or "exquisite", you grab your wallet real tight and run.

6% is for chumps said...

Does the $599K price tag include a community garden & game farm so you can still eat when oil reaches $200/barrel?

How about underground bunkers?
Bio-diesel lab?

If the answer is "no" to any of the above...offer them $50K max.

Owner Earnings said...

That just shows you how much further prices have to fall in certain areas.

You can get those exact same specs on a house in Cape Coral Florida for $199,000.

Edgar Alpo said...

Step right up and sign right here to get your very own $hit sandwich.

Catch a Falling Knife... said...

Catch a Falling Knife...

Anonymous said...

It doesn't matter if the house price is 600K or 800K. The game has changed.

It used to be get a teaser loan with zero down for 2 years then flip or foreclose. Speculators can no longer get 2 year teaser loans and can no longer get zero down either. Real buyers are the people who can both afford the house and want to live in it for 5 years or more. The supply greatly outweighs the demand for this group and prices will continue to fall and overshoot.

Anonymous said...

LMAO!!!!

What a crock of BUUUULSHYT!!!--Great pic btw, Keith--as usual, you have outdone yourself!

I agree with the first post...they need to change their hook line to--

Buy Today, AND Kick yourself tomorrow, after you realize they will be another $100K lower in just 6 short months!!

Suckkkkaaassss

Anonymous said...

You'll kick yourself if you buy now and in 6 months, there's another blow out sale for $399k.

Lone Libertarian said...

A woman that I know who is a Realtor(TM) admitted to me that her mortgages on two condos that she owns here in the Seattle area are more than what the condos in the same complex are currently selling for.

She is upside down, but she still tells me that it is a good time to buy as prices are coming down.

WTF? Talk about too much kool-aid. "The market will be better next year."

She then proceeds to tell me that I'm pissing my money away on rent, which is less than half the mortgage on one of her condos, and my house is twice as big on a 1/3 acre lot on a private road.

Pissing money away? Like paying more for something than it is worth?

LOL

I see ramen in her future.

Frank@Scottsdale-Sucks.com said...

What they left out is, if you work for a living and must commute to work, from Redondo Beach, Manhattan Beach, etc., you have to drive through horrific south-central LA ghettos to get to the freeway and hope you don't get carjacked or hit by a stray bullet every day.

Out at the peak said...

That was a typo. They meant:
"BUILDER BLOW OUT SALE THIS MEMORIAL DAY WEEKEND! SECURE YOURS TODAY AND KICK YOURSELF TOMORROW!"

Anonymous said...

Maybe Lawrence Yun will but one.

Anonymous said...

Does that mean his 6 percent salescommission will be reduced to 3 percent also.

Anonymous said...

I live two miles from this place. These places aren't bad, but the surrounding homes are getto. For $150k, it might be interesting. For this price it's a joke.

bearmaster said...

I stopped by Ruxton again today (Monday) to see if anything was going on. Curiously, no sales people - even hungry realtors take holidays off.

There were a number of looky loos traipsing around the complex and venturing into the one open show model. One Euro-American couple, but from the sound of it, the rest were of the Southeast Asian persuasion.

On a related note, I have reason to believe that sales numbers are being (somewhat) manipulated. Next to Ruxton Pacific is a new senior condo complex called Breakwater Village. These sales aren't showing up in Zillow, but the local realtors are blaming sales there for dragging down the median price. The only reason I know that anything sold there was because in ZipRealty.com I clicked on "Sold Homes" for a related listing listing on Rockefeller Lane. Out of 191 units some 20 of them have sold within the past 3 months. Square footage and sales price are NOT recorded, unlike other recorded sales. I don't think these are even tallied in Home Data or DataQuick.

Anonymous said...

Only if the throw in a free undercoating.

Anonymous said...

www.hopthefence.com

another "Now is a great time to buy" site!

Anonymous said...

you have to drive through horrific south-central LA ghettos to get to the freeway and hope you don't get carjacked or hit by a stray bullet every day.

Those are the people picking our next president. We're so screwed.