The Japanese influenced 121 Edgehill Way has fallen out of contract and its list price reduced to $1,195,000. As a plugged-in reader previously noted, “sold for $1,195,000 in February of 2006.”
We’re still suckers for the Japanese influenced design elements, but in terms of a Japanese styled real estate market…
∙ Listing: 121 Edgehill Way (4/2.5) – $1,195,000 [121edgehill.com] [MLS]
∙ From The People Person Who Brought You Green Tea In The Park [SocketSite]
Wow! Very nice.
have seen this place a few times now, and should sell for around this price. however, despite the potential, it needs a bit of work. most bothersome of all is how dark it is inside. something that can’t be remedied!
A Japanese styled real estate market would be a useful corrective.
I was just listening to Robert Shiller, of Case-Shiller fame, who remarked as an aside during a recent bloggingheads.tv chat, that what happened in Japan after their bubble popped at the end of the 80’s might happen here: fifteen years (15!) of home prices declining on a year over year basis. In major cities, home prices lost 2/3rds of their value.
For people like me who’ve been locked out of the SF market, because of so many people buying houses with Alt-A “liar loans” over inflating it, that would be awesome!
A Japanese styled real estate market would be a useful corrective.
I was just listening to Robert Shiller, of Case-Shiller fame, who remarked as an aside during a recent bloggingheads.tv chat, that what happened in Japan after their bubble popped at the end of the 80’s might happen here: fifteen years (15!) of home prices declining on a year over year basis. In major cities, home prices lost 2/3rds of their value.
For people like me who’ve been locked out of the SF market, because of so many people buying houses with Alt-A “liar loans” over inflating it, that would be awesome!
This makes the lot for sale on Garcia ($900K down from $1.2M) look even more overpriced.
Brahma,
We have a few cultural differences. Japan is an honor-based society. We are mostly an opportunity-based society. Take the money and run was the mantra of the dot-com years followed by the RE bubble years.
Fortunately or unfortunately for Japan, it means that people keep their promises. They keep paying their mortgages, even though they’re upside down.
The RE market in Japan was everything BUT liquid during the lost decade. People who couldn’t sell at a loss just sucked it up and kept on paying…
The US market is acting much faster. Some of subprime FL and CA is down 35-45% IN A YEAR! The reason SF is not collapsing like other locales is primarily due to strong fundamentals that are (for now) preventing the big plunge.
Another difference with Japan is that we have the attention span of a fruit fly, programmed to pounce on anything sweet without thinking of consequences. Things go down much faster during downturns, but they go back up much faster too.
Very nice “home” for the price…
“Sell at a loss” is basically what you get with Japanese RE, so I’m not sure that your comments are spot-on Fronzi.
Japanese have a thing for ‘newness’, and essentially homes are depreciating assets as soon as you buy them. Like a car. I’m sure there are exceptions, but this is the vast majority of cases.
Real money is made by building another ‘mansion’, or condo development, and selling it.
$1.2: no garge, backyard a mileaway and the sanjockmo neighbor: yuck
sanjockmo, when Googled, yields…. nothing.
???
Other than the fog which the trees in this hillside collect like crazy, it is a very enchanted location. You can’t believe you’re in SF.
But agree that garage and backyard are a problem.
ummm, someone please tell the web designer the music they are playing is CHINESE, not JAPANESE.
looks a bit overdone – don’t think they got the essence of WA right with this house. nice windows in the living room. but they could have done a better job.
i live in japan and i concur that it’s land that appreciates, not buildings. buildings/homes are depreciating assets here. and you can get a loan for 1.5 – 2 percent!