A few of you may recall that my next door neighbor put their house up for sale for the rather lofty price of $22.5million. It wasn’t that long ago that a house put up for sale in Palo Alto would be sold within hours. This time it took about ten months.
But it didn’t take ten months with the price they wanted. They had to drop it by almost 14%. And then another 10%. And finally another 4.3% before it sold. In other words, they cut the price by almost SIX MILLION BUCKS before they could close a sale.
Let’s just say the easy money ain’t there anymore. Let’s also say that I cheer and celebrate my $1800/month mortgage, knowing that my next door neighbor’s is literally way into the six figures instead.
