Denialism!

Denialism has become the middle name of real estate! Just my opinion.

In a "posh" Massachusetts, northern Middlesex County community, near the NH line, an older 2 family has been offered for sale now for 217 days or a little more than 7 months, In this time the "asking price" has dropped from $1,500,000 to it's present price of $995,000 or a reduction of about $500,000 or 33%.

A peek into the actual sales history throws an interesting light on the real estate. The property sold in Nov of 1998 for $350,000 and then was resold in March of 2000 for 650,000.

From the MLS photos of the property in 1998 to today obviously substantial money has been spent or invested in improving the property.

The assessed value of this 209 year old dwelling is $750,000
According to the Registry of Deeds the proeprty's mortgages amout to about $850,000..

The tragic part of this real estate item is that it is being repeatedly over and over in one community after another. This is not the exception to the rule; it has been made the very sad rule.

Many home buyers, investors, bankers, mortgage and real estate agents and brokers were told a fairy tale ( Real estate prices will always go up!) and they bought into that fairy tale "hook, line and sinker. "

Now these same folks have bought into a new fairy tale entitled: Denial.

And sadly Denialism has become the middle name of the real estate.


Bill McInerney