We've been tracking the tragicomic saga of Mercer Walnut Creek, an overpriced urban-style condo development in the suburbs.
Today's update is 1655 N. California Unit 322, a 2-bedroom deal some fool paid $785,000 for (plus $500/month in HOA fees!!!) in 2007. Now, a mere two years later, he is begging somebody to let him out of his folly at a mere $165,000 loss.
His glue-sniffing neighbor at #214 didn't get the message and is still holding out for $850,000. And #223 looks like a flipper that flopped, somebody who bought just last year and is still trying to sell at a profit (except for those pesky carrying costs and transaction fees, of course!).
Mercer Walnut Creek update: desperate seller begging for $165,000 loss after 2 years
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I rented one of the units you mentioned for $2500 per month, with owner paying the $500/mo homeowner fees. Amenities and location are very nice. However, with a price/annual rent ration of 20, this would support a $400 to 500k sale price, well below what has been historically asked.
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