Sen. John McCain, R-Ariz., tests the declining real estate market as he tries to sell his recently price-reduced $3.75 million Phoenix mansion. The 11,000 square foot estate has been on the market for three months.
Only six prospective buyers have checked it out. That led to a half-million-dollar price cut. A year ago, there were 145 homes priced at $500,000 or more for sale in Phoenix. Now, there are 1,341. Houses were selling in days last year, but now, it's taking an average of six weeks.
McCain and his wife, Cindy, want to downsize.
UPI, January 26, 2006
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McCains Having Trouble Selling Mansion
By: Pete Kendall, January 27, 2006 |
In the initial stages of a depression, sellers remain under an illusion about what their property is really worth. They keep a high list price on their house reflecting what it was worth last year. This stubbornness leads to a drop in sales volume. At some point, a few owners cave in and sell at much lower prices. Then others are forced to drop their prices, too.
Conquer the Crash
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According to Conquer the Crash, at the outset of deflation the psychology of buyers changes, also. Once they see that property prices are coming down they say, "Why should I rush?” Evidence of this very response is contained in the latest issue of The Elliott Wave Financial Forecast (out today). The further prices fall, CTC says, “The more the buyer wants to wait.”
This entry updates a prior real estate comment on January 18.
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