At least one more person who hasn’t heard about the real estate bubble bursting

Every time I think I’ve quit commenting on local real estate, it pulls me back in. Today’s featured listing is from my neighborhood: 26 Wallace St., Somerville MA. It’s a great location, of course, and I saw the inside of it last time it was on the market. It’s nicely-renovated, although the new fixtures are a little lacking in charm. The granite-and-stainless kitchen would scream “gut renovation in ’06” even if the MLS description didn’t. Still, it’s spacious, sunny, has a deck and a yard and off-street parking you won’t even need because it’s just so close to everything.

The catch? They’re asking $774,900. Sales history on Zillow says it was sold in ’05 for $450k, flipped in ’06 for $745k, and again in ’08 for $755k. Now, this is a large house in a great location, one I couldn’t afford even at a reasonable price, but they’re asking way more than it’s worth – more than 95% of the rest of the homes in that zip code.

Then again, I love the way they shaved a hundred dollars off the price tag to bring it in below $775,000. It just makes it look like more of a bargain. Make it $773,999.95 and I’ll consider it!

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