Interesting Housing Bust Example from SW Washington

[The Tim]

Here's an interesting one that my parents have been looking at down in Clark County (the county is buying their home of 20 years).


4 bed, 3 bath, 3-car garage + carport, 2,669 sqft, 3/4 acre lot, built in 2003. Really nice house (I toured it with them over the weekend).


Originally listed in April... 2007.
Original price: $495,000.
Current price: $345,000.

Unfortunately RedFin and ZipRealty don't work down in Clark County, so I can't find an online source for the price drop and DOM info, but my parents' real estate agent (who is being paid for by the county) pulled this info from the local MLS, and I looked at the printout myself. The fun thing was that when we asked the listing agent how long it had been on the market, he said "oh, about six months." Liar.

Dang though. $150,000 price drops (30% off!), and a year on the market. This is not that far out of Vancouver.

[Alan]

Did you tell the agent you knew he was a liar?

[The Tim]

I don't recall for sure whether I looked at the listing history printout before or after we toured the house. Either way, no, I didn't. Not a big fan of open confrontations like that, and there really wasn't anything to accomplish by doing so.

[biliruben]

My sister works on Main St. in Battleground, and will be shopping for a house down the line. Good info to know. It's hard to get a handle on the trends in the boonies as well as in Oregon.

[The Tim]

Looks like this place is #3 on my parents' list, so maybe it will still be on the market when your sister decides to go house-shopping, biliruben.

[Nell Plotts]

[kpom]

Last fall I was driving around rural north Clark County. It was astonishing how many houses were for sale.

[dsellinger]

I have an interesting example from the NW of Washington (and maybe better then yours )

http://www.zillow.com/HomeDetails.htm?zprop=67688714
http://frame.windermere.com/index.cfm?f ... D=18990010

Sold in Dec of 2005 for $515, to an investor in Cali.
Was first listed in the $550's. And with no interest in the property it has dropped to $449. I think he's on his third REagent, and it's been for sale at least a year if not longer.
House has never been lived in. A pure speculative investment.