RE Price Drops Hit Burbs - New Price Drops Probably Coming
Just doing some periodic scans on Trulia on my own. This morning for some reason I picked Doylestown.
I found a $2.9 million property that's been up on MLS for all of this year (has a crappy listing and it's only 4 bedrooms)... unrealistic sellers probably live there... and in a 2 minute walk from monstrosities like that, there's clapboard twins going for the upper 190s and 200s.
This burb has also seen some massive price drops. I've found a $50K drop and a bunch of $20K-$30K drops... all on listings that have been up for 190+ days. Looks like that segment of Bucks County is taking a beating.
Elsewhere in the upper creme-de-la-creme of Bucks Co, looking at Yardley...
I'm seeing lots of pissant price decreases that usually precipitate much larger price decreases. These are the ones where the sellers drop it by $1,000-$5,000 which is nothing more other than to get your listing "re-noticed" after buyers passed it up previously. Price drops like those are to get the house down into a different price bracket... i.e. to get the $500K house to show up on a search screen by knocking the price down $1K to get it to show in the $400s.
The average moving price for a Yardley house seems to be in the high $300s/very low $400s, and I'm basing that on the closed listings that come up. This is a huge let-down vs. what was happening in Yardley during the boom, when there was some inventory in the 600s++ that was moving. Now, there are a LOT of stale listings with some ugly houses (original features and wall-to-wall carpeting) in the half-million range. And Yardley did get some McMansion action.
Here's a typical Bucks Co fugly 2-car McMansion that has underwater homeowners living inside:
194 Hyacinth Drive South, Yardley PA - Trulia
The f_cking house has "MOTIVATED SELLERS!!!!!" yet the listing has been up for 180+ days and they've only dropped the price by 9K to get it to list just below $500K.
Maybe they will get some more motivation seeing their house not sell for another 10 months until they give in and drop the price 80K.
Simon says if you are shopping in Yardley, probably should hold out for winter... some major price drops are probably going to happen.
Originally Posted by MayfairMeat
This house isn't really in Yardley, even by the local's loose standards of being in "Yardley." It's barely in Lower Makefiled almost smack on the border of Falls Township. Not a great location IMO for a number of reasons.
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