No Reason To "Hurry" *Update 1*

I last featured 2507 California back in August. I then mentioned it in my "Stale in 90403" post just last week.

I have said all along that it is overpriced.

Looks like they are throwing in the towel for this year and adding it to the shadow/pent up inventory.

Previous Purchase: 7/9/03 - $1,000,000


2008 Listing History: 11/12/08 - $1,599,000
Expired after 106 days on market

2009 Listing History: 10/30/09 - $1,375,000

 Expired after 26 days on market

2010 Listing History: 8/9/10 - $1,499,000

Withdrawn after 86 days on market

This is almost comical. Overpriced in 2008 and let it expire. Reduced the price in 2009 and still didn't price it low enough and let it expire again. Now, in 2010 they list it at a higher price to take into account the fact that they put some money into the house, but they are still too high -- for the third time and the third year in a row.

This is called chasing the market down. The irony is that the market seems to be weakening a bit here. See you next year.