Monday, July 28, 2008

Ah, Belmont....

....Where a Half-Million Dollars can get you a stucco masterpiece or a Frank Bergland Flip, and you can also be within earshot of gunfire and death.

To be accurate, both of these properties have had "price drops." Er, enough to move them out of the Bubble? With "reductions" at or below 5%? Aren't these just "psychological" drops, trying to convince a buyer s/he's not paying a Half Million Dollars before interest is even calculated?

And do the price reductions have anything to do with the nearby gang activity, or is it merely the collapsing mortgage market, the troubled economy--or just a whiff of reality?

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