Sunday, April 25, 2010

Key West Bargain

I don't usually indulge my photography habit on this blog, but I liked this half moon and had nowhere to put it.I saw it in Key west while I was out walking the dog and we passed this sign. Why, I wondered did they drop the price to five hundred and fifty thousand. Why not half a million straight?
Two lots, sure, but it still looks like a lot of money for a tumble down shack. Doesn't it?

On the one hand we say these people have figured out the market has taken a dump and they have adjusted their asking price accordingly. On the other hand they have gone from an absurd asking price to a silly one. As a measure of understanding the reality of our new poverty this example doesn't make the grade. There again if I walk by here in two weeks it may be sold for full asking price. Reality is as reality does and real estate is the same.

4 comments:

gainesville365 said...

A year or so ago, I "vacationed" in a very old and very dirty trailer on Big Coppitt that sat on a small slab of land whose value its owner was proud of announcing after several gulps of rum. What people wouldn't pay to have this little slice of Paradise, he said.

Secretly, I thought, Yeah, but you should probably junk the trailer first. Now, I see that I was wrong!

The house you show here would benefit from some cheesy marketing derived from a used-car lot: SAVE A COOL MIL...WHEW!

Milton's Freeman said...

As improbable as it may seem, this spring has seen a very active real estate market. Remains to be seen how many "contingencies" close, but if interest is any indication, there are either many fools rushing in where angels fear to tread, or an epic "dead cat bounce" is ahead of us.

Anonymous said...

As you know, this recent Spring bounce was the result of the $8,000 credit expiring April 30 for closings by May 30. Look for the numbers to drop again barring a renewal of the program.

Conchscooter said...

I wonder if some people really do think the worst of this recession/depression is over. And if it is, (no really suppose it were?) what comes next? Rising house prices? Impossible surely...
The trailer dude in BCoppitt should have sold while he had the chance!