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Friday, December 3, 2010

Now, THAT's Patience

But, Does She Have Grandkids Yet?"

The duplex at 21xx Irving Ave. South just Northeast of Lake of the Isles in Minneapolis' Kenwood neighborhood originally came on the market in Spring.

Spring, 2007 -- that is.

Asking price: $1.2 million.

After some short intervals off the market, and a couple intervening price reductions, it's still for sale today.

Current asking price: $900,000.

Given that the current tax assessed value is $614,000, and that assessed value these days often serves as a de facto ceiling on prices -- especially for properties needing updating -- you'd guess that a little more patience is in order.

P.S.: Even if the "value is in the land, " as the Listing agent is claiming, $900k still appears to be a rich price.

P.P.S.: Perusing the listing history on MLS, I noticed that the Seller appeared to be on their second agent.

Then I looked more closely: same agent, but different last name (she apparently got married).

THAT's how you know something's been for sale forever.

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