Sunday, September 30

A Housing Bubble 'Price Improvement'

'Reduced' signs outside houses for sale have been a dime-a-dozen lately. So how to attract attention that the price has been lowered? How about a 'Price Improvement'?

This sign is posted outside a house for sale in McLean, Virginia. So what has the price been improved to? Try $1,247,999. Damn, that is still just a bit outside what I can afford. But wait, it seems that the price is negotiable:
4 Bedrooms, 4 Full Baths, 1 Half Bath, 1 Fireplace - OWNERS WILL CONSIDER ALL REASONABLE OFFERS! Brick home in W McLean w/ decorator touches, short walk to McLean shops/restaurants. Gourmet kitchen island w/gas cooktop, granite, upgraded appliances. Lots of windows & gas fireplace in family room; walk out to private courtyard patio. Office, living & dining on main level, all have hardwood floors. Finished basement. *PARK BESIDE EITHER GARAGE - Weichert
Click on the image below for the current listing:

There is a virtual tour and the house looks nice, but I guess you need to like orange and yellow as the walls of a number of rooms are painted in those colors. I had driven around the block to take this photo, and not surprisingly, there were at least five other houses for sale within that one block.

I know your wondering how much the price was improved. According to ZipRealty, not much:

$27,001. However, they will consider less.

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