Tuesday, July 22, 2008

903 Rougemont: New MLS #, New Price

A veritable firestorm ensued in the comments section back on July 2 when we reported that 1705 Rugby Circle had a new MLS #.

Lately our heads have been bobbling over here in Bubble Central with the onslaught of shocking financial news, so we haven't had a chance to get this post up: the MLS "New Listing" as of Friday, July 11.

It's the Belmont "starter home" at 903 Rougemont now dropped in price $5K, a "bargain" at $174.9K. Its DOM has been "washed" by being re-listed. The new MLS: #455282. While the Asking at 1705 Rugby Circle is just shy of $700K, what the houses have in common is that their addresses have changed to Bubbleville, Virginia, 2290-oops.

You've seen 903 Rougemont reposted every six days on Craigslist. The current post has a Youtube link, so the prospective buyer may take a video tour. Thoughtful.

This "new listing" popped up while Fannie and Freddie flailed and the same day that IndyMac actually failed. These larger events have nothing to do with this property's price drop. If they did, the 750 sq. ft. vinyl siding "cottage" in a neighborhood that is the most over-hyped and over-priced in the City would actually have a "realistic price" by now.

Instead, it remains unsold, confuses buyers with its mind-boggling price, drives up CAAR/MLS stats, and perpetuates the Bubble, in our humble opinion.

Check out the seller's other offering in Bubbleville.


Mahalia said...

I have $50,000.00 burning a hole in my pocket. That's my offer for this place.

Anonymous said...

100 per sq ft=75,000
200 per sq ft=150000
232 per sq ft=174000

Montpellier said...

Anonymous, given that you get a yard, I'd say the $75k is probably right, perhaps even slightly higher. Do you have pre-bubble c'ville averages?

I am fascinated watching the "condos" at Hessian Hills competing with places like this.

brooklyn bob said...

232 per sq ft is ridiculous.

Like, "i've been smoking pot for the past 20 years and have lost all perspective" ridiculous.

Or oh yeah the RE Bubble version of ridiculous.