Quick update
September 24th, 2007 by KenricShort post today…
Finally, the Tucson fixer upper is under contract! More to come later.
No hits on SFH#2 for sale after one week and a full weekend. This is not a good sign. I need to add some value to the home and make it stand out. I’m thinking about installing an 100″ home theater system in the great room. I have a budget of $1,500 and can do it in two days.
Posted in Tucson fixer 1 | 
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Kenric:
In a normal market, I would agree with your idea. It certainly worked with your other house. However, this is not a normal market. There are few if any buyers in any submarket in any price range.
Right now, the only thing that matters is price. Look at what’s for sale in Westwing, how long the competition has been on the market and their price reductions, and what is pending (one or two houses). If you really want to sell the house, you have to drop your asking price to a level at or below the current pending sales.
The lack of buyers indicates that prices will continue to go down. The cracks in the real estate-driven Phoenix economy are beginning to show. If you must sell this house, drop the price and do it now. Otherwise, be prepared to wait out another 20 percent drop in its value and a full blown recession, including a bad rental market.
By Another Investor on Sep 25, 2007
I disagree with “Another Investor” because there are always submarkets and niches. Obviously this person has not done real research into how home and multi-family properties are doing in certain metro areas. There is always an opportunity if you look for it. Good luck.
By Yet Another on Sep 26, 2007
Congratulations on getting the contract. I certainly hope everything goes well and you can close without any inconvenience.
By Andres on Sep 26, 2007
I agree with Another Investor. If you want to sell the house, price it to sell. There are very few buyers and many houses up for sale. On top of that, you have a large house which there are even fewer buyers for. (I don’t know who came up with the idea that boomer retirees would be looking for mega-mansions, but that person should be shot!) I wouldn’t sink anymore money into this house.
By ubu50 on Sep 27, 2007