and now down $151k from when it was listed less than a year ago. As I've said numerous times before a great number of Deep Creek real estate listings, like this one, were dramatically mispriced when they went on the market last year. As time passes, however, sellers and their agents offering list price advice are finally realizing that as well. Hopefully for their sake potential buyers know not to confuse list price and value as some others have done.
Don't forget to check back to Dan's Deep Creek Blog for future updates.
Tuesday, March 10, 2009
Another lakefront $100k+ price reduction today ..
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3 comments:
Dan if that is really your name... it is interesting that you perform as self appointed watch guard of Deep Creek Real Estate with such vigor and commitment when your grasp of the market seems so jaded.
Take this house for example. Less than eight years ago bought for $550K and riding the wave of appreciation for 7 glorious years the value of the home grew by 11% annualized or $591,000. The owner contributed to your home town community as a tax payer and benefactor to this incredibly rich tourism area. They paid over 50K in property taxes receiving nearly no services. They donated time and money to area organizations. They contributed to area business owner profits and thus employment for the born and raised brood.
In reading just a few of your ax grinding posts I can see that it may come as a surprise to you that the world is in a bit of a correction. Some have even said it is a crisis. Do you find it odd that from 2001 to 2008 when this home was appreciating at an average of $80,000 each and every year it was mentioned in not one blog! Yet now you become so overcome with anger that “market price” (upon the owners desire to sell his property) is declining an owners agent is to blame. Perhaps your own meager worldly production makes the loss of a six digit valuation as earth shattering, but it is a blip in the portfolio of the working generation. After all the owner of this fine Deep Creek Lake investment will pocket nearly a half million from his eight year investment before commission, interest and taxes. Better than stocks, bonds and AIG!
You see real estate agents don’t set values. Shocking to you I know… but buyers set value. There has been an incredible run of buyers finding value at Deep Creek Lake for more than eighty years and this world crisis will likely become a blimp in the path of great times to invest in Deep Creek Lake.
Dan… just stick to something you understand and stop contaminating the blog waves with garbage that you know little about because million dollar investment in turbulent time appears to be something you don’t have the stomach to handle!
Thank you for your comment. My only point was that agents helping sellers determine list prices were somewhat off the mark with their overly optimistic expectations as has been born out by list price adjustments. The same agents that called the end of the credit crisis (9 months ago) and said the market was immune to the national (even global) downturn. It speaks to the credibility of anything these people will say to make a buck in my opinion.
Let me also remind you that much of the reason this blog came to be is rooted in the fact that I repeatedly witnessed local real agents giving horrible advice on their own blogs. I'd have nothing to talk about if folks like Jon Bell wouldn't say the credit crisis has ended when it's downright foolish to make such a proclaimation or Mike Kennedy hadn't said the market was well and improving daily when everyone not trying to make a sale would have disagreed or another local agent posting that it was a great time to buy while she was selling her own property for less than she paid for in just a few years earlier, etc., etc. When these people stop giving me something to talk about (i.e. correct, question or qualify with the rest of the story) then I guess they can have the blog-o-sphere to themselves.
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