Tuesday, August 4, 2009

2356 NW Hoyt still can't sell. Charles Turner drops asking price again.


The stalled housing market continues to impact Charles Turner's flip project at 2356 NW Hoyt St.

He just dropped the asking price another $25,000. This is the 6th reduction in as many months.

The Original asking price in October 2008 was $1,195,000.
In January he dropped the asking price $45,000 to $1,150,000.
In February he dropped the asking price $25,000 to $1,125,000.
In March he dropped the asking price $25,000 to $1,100,000.
In May he dropped the asking price $50,000 to $1,050,000.
In June he dropped the asking price $50,000 to $999,950.
Now he dropped the asking price $25,000 to $975,000.

Total reduction is $220,000 or 18% and the home has been on the market for 9 months.

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.
It is clear Charles is chasing the market down and articles like this one from the Wall Street Journal probably don't help his cause:
Housing is fast dividing into two markets: Sales of low- and moderately priced homes are picking up and values have stopped falling in some parts of the nation. But on the upper end, sales remain mired in a deep slump and price declines are expected to accelerate.


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