Sunday, April 5, 2009

30% is the new black: Palm Beach Spec home sells for 30% below asking

1620 S. Ocean Blvd. sold for $12.5 million early last month.


HOWEVER, the home was listed for 17.5 million up until 12/08. Then there was a price drop to 13.9 and a final reported sale of 12.5 In other words, the seller began to realize that we are no longer in 2006 or 2005 or even 2004 anymore.

Once again, the palm beach daily news runs its real-estate spin:

"Proving Palm Beach property is still a rare and highly desired commodity, two prospective buyers' bids recently determined the sales price of a newly constructed waterfront home, agents said"


HUH??????????? Look at the web and every week there are more and more of these "rare" properties are on the market: Palm Beach single family homes from 1 million on up to homes in the 10-20 million range.


Smart sellers are getting out now at 30% off. In a few months it will go to 40% off and finally settle in the 50% off range. These numbers come from objective economists, not from me and certainly not from listing real estate agents.

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