Tuesday, September 8, 2009

Coldwell Banker's MLS Listed Cartoon House Foreclosed Upon

I've written about the 940 Hillcrest cartoon house for a while now - how it was a Coldwell Banker listing priced at (hold your laughter) $2,800,000. The original MLS listing didn't even have a picture of the house, it had a nice fancy cartoon drawn house drawn over the present house.

This was the ultimate bubble listing. It wasn't about the house that existed in REALITY - instead the brokerage wanted everyone to buy into a fantasy cartoon house that only existed in the MLS. After all, that's where the value is - in pretend homes. Gee, thanks, Coldwell Banker.

Well, the sales tactics didn't work and its all over now. According to the new MLS listing that hit the system today, the property is now bank owned and priced at $937,800, roughly 66% less than Coldwell Banker's original price. I'm really happy for the buyers out there who didn't fall prey to the original list price.

Next time you see a Coldwell Banker listing, think of this one - how much do you really trust these people to present a property with a fair market price? I'll let the commenters answer that one.


Anonymous said...

I saw this listing this morning, but had no idea of its history. It's incredible, Blue. It won't last long at this price -- a few days, probably.

Highest CD Rates said...

Incredible job done by Coldwell Banker. They should be ashamed of this. Hike of 66% in prices is too much, even i am happy that there sales tactics didn't work.