Only second-hand information. But this is interesting, since it is exactly this sort of thing that made me call the end of the last frenzy in Unionville. The frenzy went to condos.
On the surface, it just means that they priced it so high that it scared off any bidders. There is no great reason for the end of the lastest ridiculous frenzy, but it has to come one day. We'll see if that means anything.
2 comments:
There is a lot of inventory coming into the market. Leverage is great on the way up but it sucks on the way down.
Apparently the house was priced at 1.7 and might be worth a lot less. They probably took the frenzy curve and extrapolated 3 months. Neat.
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