Friday, December 01, 2006

37% Gone

To all those who claim there is no bubble in the Valley. Please read this. Homeowner loses $235,000 by buying into the American Dream. I know this is happening here, however, the Californian refuses to print stories like this:

From the Modesto

Tax assessors may ease pain for buyers with bad timing

Albert Quintero's timing couldn't have been worse.

He made a deal to buy a new Turlock luxury home in November 2005, at the real estate market's peak.

By the time construction ended in July, Quintero's Milestone Way home wasn't worth the $874,890 he was contractually obligated to pay.

Now the same model — a new home on nearby Tapestry Way — is priced at $639,990.

"It's really tough to swallow that we paid 37 percent more than what our home is worth now," Quintero said. "We got caught."

He wasn't the only homeowner burned by buying at the top of the market

Hat tip to the Sacrmento Blog and Modesto Blogs!


Merced "Going Quickly" said...

This story reminded me of the Borat movie commercials for some reason (I've not seen this movie). I kept waiting for Norat to show up and finish the interview.

Merced "Going Quickly" said...

I meant (N)Boart...sorry.

Anonymous said...