Last week I posted an article regarding the 55 months of supply for million dollar homes in Portland. I jokingly asked how this enormous glut would impact Charles Turner's flip attempt at 2356 NW Hoyt St. ... The Blazers have proven they can come back, the housing market can do the same.
Just one week later we get his answer- He pulled it off the market.
Records show Charles purchased the 'fixer upper' in May of 2008 for $535,150.00 under SAPPHIRE DEVELOPMENT LLC.
We do not know how much Charles has invested into the property but we do know he is personally liable if the LLC defaults.
The Original asking price in October 2008 was $1,195,000.
In January of this year he dropped the asking price $45,000 to $1,150,000.
In February of this year he dropped the asking price $25,000 to $1,125,000.
In March of this year he dropped the asking price $25,000 to $1,100,000.
Total reduction was $95,000 or 8.0%. The home had been on the market for 6 months.
Despite the problems surrounding this property Charles still thinks its a good time to buy. From his blog last month:
I have been advocating for months- no matter what the market, the are opportunities out there for the right buyer- not every buyer.
The Blazers have proven they can come back, the housing market can do the same.
The Blazers will come back...in 2010.
It appears Charles canceled one listing and relisted it for $1,050,000. This is now 12% off the original asking price...
The beat goes on.