Dr. Housing Bubble 08/09/08

[Crewleader]

Real Homes of Genius: Ed McMahon Decides to Lower Price on Beverly Hills Home by $1,900,000 This Week.

Back in June of this year, we talked about the financial difficulties facing Ed McMahon. At that time, Ed McMahon was in arrears on his Beverly Hills home by a stunning $644,000 on his $4.8 million dollar home. As we worked out the math on the place, we approximated that the carrying cost alone on the home was $30,000 to $35,000 given the size of the mortgage. The home has been on the market for 537 days.

In what has to be the largest one day decrease in price, the home on August 7 was reduced from $6,500,000 to $4,600,000. A $1,900,000 price reduction in one day:





http://www.doctorhousingbubble.com/real-homes-of-genius-ed-mcmahon-decides-to-lower-price-on-beverly-hills-home-by-1900000-this-week/

[Adsos Letter]

1. And it isn't even a particularly attractive fascade...

...those wooden windows and garage doors are gonna' need constant maintenance by the painters... :D

Hi Crewleader :hi:

[Crewleader]

2. Hi adsosletter

you said it my friend, and there's not much curb appeal with all that concrete driveway. :hi:

[Warpy]

3. Not only that, but that grand entrance squashed into a corner?

No wonder that monstrosity hasn't sold.

[CrispyQ]

4. Agreed!

I'd think you could find a much more attractive place for the price.