Doing my usual cruise around realestate.com ... and have to shake my head at some of the prices people think they are going to get. A great example is Merewether, Newcastle ... one of the hottest suburbs in Newie ... where prices overshot but vendors refuse to bring them back to reality. This one caught my attention. It's not really Merewether, but Merewether West (big difference) - in a location where renovated houses go for around $950,000-ish ... but the vendor is asking the $950k (including demo costs) for what really is land only 40 Ulick Street, Merewether, NSW 2291
Its typical of the boom/bust cycles where sellers are not adjusting to the downward price trend. See it all the time, these sellers tend to shoot themselves in the foot. Longer it stays on the market the harder it is to sell
Perhaps they apply "buy and hold forever" strategy, won't hurt asking high price, at least they can live the dream
Perhaps they don't really have to sell? But this is where you can do very well if you know the market. I watched a property in Brisbane that needs extensive work (I love a good reno) but in a great location near the water, took 4 months of watching a property marketed all wrong, and then the seller got desperate- sweet deal was made.
Absolutely! Had the exact same thing happen here in Darwin....he'll we even had the exact same thread! Tell 'em They're Dreaming!
