Saturday, March 27, 2010

Attention Barton Creek, Westlake, Tarrytown, Downtown Sellers

The article speaks for itself but there's one thing they miss. The writers say that now is the best time to buy because rates are rising. Then they give this example of how your payment goes up as rates rise. Well, duh, don't you think prices will fall as these rates rise?

- Mr. Bubble

Castles for the Common Man -

Time to Storm the Castle?

At the High End, a Bit More Money Yields Lots More Home; 14 Acres and an Orchard

Daniel Horowitz is ready to bargain.
The 55-year-old trial lawyer is trying to sell a four-bedroom villa with marble imported from Italy, a winery and a fruit orchard on 14 acres in Lafayette, Calif. Mr. Horowitz already chopped the price to $3.2 million from $4 million, the amount he estimates having spent on the land and construction. "We thought it would sell right away," he says. But it hasn't, and he is willing to consider lower offers, he says.

Mansions for Sale

Three years into the housing bust, steep discounts are emerging in the market for high-end homes, which had been the real-estate industry's last redoubt until now. Despite the budding economic recovery, demand for pricey properties is falling as potential buyers struggle to come up with money for big down payments and find it difficult to qualify for large mortgages. With buyers dropping out and homes languishing on the market, sellers are beginning to capitulate, cutting prices to move their properties.

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