Wednesday, November 26, 2008

Sign of the Times

These rather unappealing (even without the gloomy, overcast sky) condominiums have just been completed around the corner from my apartment complex.

Supposedly designed to "reflect" the Craftsman-style homes of our Southern California suburbs, these units had original asking prices starting at $495,000, with most going well above half a million. Apparently, however, the developer isn't finding many takers.

That's right, the minimum auction bid is now only $255,000—about half what the developer originally hoped for. And that price will get you, by my calculations, a roughly 80% chance that your windows will provide one of the following views: a bank parking lot, the back of a commercial building, a laundromat, or your neighboring condo's window. Maybe the interior doors with recessed panels "reminiscent of fine furniture" were meant to compensate for that.

After much discussion and careful deliberation, my wife and I have decided to stay renters a while longer.