Is this the bottom?

[rose-colored-coolaid]

Thanks for the vote of confidence Moose. And I will continue to predict 'not-bottoms' so long as it is 100% obvious. Which I expect to be true for a while still.

[Alan]

Is this the bottom?

http://www.redfin.com/stingray/do/print ... id=1680807
16240 SE 8th St
Bellevue, WA 98008

1,770 sqft
4 beds, 2 baths
Asking $335k
Purchased in 7/2006 for $425k

What is wrong with it?

Again, I'm going to predict it goes pending within a week.

[ira s]

Got to agree with you, Alan. That house was first lasted last October at 495,000 dollars, price dropped to 475 in January, and just dropped another 140 thousand today! It is a short sale.

[Alan]

I drove by it this evening. There are a lot of cars and trucks parked in front of it.

[perfectfire]

[ira s]

Summer of '07 there was practically nothing in Bellevue, even in Lake Hills, for much less than 500 thousand, let alone less than 400 thousand. Doesn't mean this home isn't a piece of crap, but at that huge a price drop, it'll sell quickly.

[Markor]

[Ubersalad]

Dude, if this one doesn't sell, then I am not sure what everyone that is looking to buy is waiting for. I expect it to bid up to close to 400k...but then it's not such a steal anymore.

[Markor]

OK, we'll see. If it's bid up, then whatever it ends up at, it'll establish a good current benchmark for the area. Comp houses priced higher should need a greater fool to buy them.

[Ubersalad]

I am very much interested as well. If there's a marker house like this one in every neighborhood, it'll be good to use it to gauge the current market.

[Lake Hills Renter]

I live a block from that house. They apparently have 3-4 cars, and most of them park in the yard, so there's not much yard but mud. It's also directly across from the trashiest house in the neighborhood, where the owner refuses to maintain the yard in any way, house is very run down, trash on the front porch, etc. The neighbors must hate him. It's been on the market for what seems like forever.

For the record, there's very few cars parked on my street.

[Lake Hills Renter]

Gotta love relisting. This house has been for sale off and on for over 2 years. It finally dropped off the market late last year, but I never saw anyone move in. A new for sale sign showed up this weekend, and for the exact same price that didn't sell for the last two years.

[deejayoh]

[Lake Hills Renter]

This really makes me want to buy it:

[jenseattle]

Keep in mind that if it's a short sale, just b/c the seller is willing to part with the house for the listing price doesn't mean the bank will be.