Thursday, March 5, 2009
For Sale By Owner
I'm not a real estate expert, but I do know one thing for certain about the housing market: now is not the time to sell. But don't tell that to Manny Ramirez.
He's selling his Boston area condo for $8.5 million dollars, almost three million MORE than he paid for it in 2001. Nothing like another case of "Manny being Manny".
I'm in the process of buying a house myself, and I haven't seen one single place selling for more than the purchase price. Heck, I've hardly seen a single place being sold by the actual owner - nearly everything out there, at least in my part of the country, is a bank owned foreclosure or short sale.
This certainly isn't the time to go investing in a condo - they're the first properties to be affected by economic downturns and usually the last to recover.
Manny's selling agent. Michael Doherty, calls this place "... the most magnificent apartment in Boston by far." It better be for that kind of money. I'm nowhere near Boston so I won't be checking out Manny's place any time soon, but if you're in the area and looking for an absurdly overpriced condo, check out the official listing and make an appointment.
The only catch? Manny won't accept any reasonable offer.