Delusional Seller

41- 648 Mekia St (Waimanalo)
MLS: 2707185

Went on the market April 13th at $435,000. It has since dropped to $409,000. Why is this seller delusional? Well for one thing the house is only 720 sq. ft. and the land is 2,310 sq.ft. Heck, there are houses bigger than that lot. To top it off, this seller has fished this house on the market two other times over the last year. At lower prices!

On July 25th, 2006, they put it on the market at $407k, dropped it to $390k a week and a half later, and then withdrew it two weeks after that, not even a month after it initially went active.

On September 26th, 2006, it came up under a new MLS at $419k. Why they thought it would sell at a price higher than what it failed to sell for a month earlier, I'm not sure. They dropped it to $409k on October 9th, and then withdrew it again on October 31st. At least this time they made it to a month before going inactive.

My guess is that the owner needed to sell, but really didn't want to, and now circumstances have forced the issue. This would explain the earlier short T.O.M. and the current staying power.

Update: The dropped the price back to their previous record low of $390k on Sept. 27th. Anyone want to place bets on what will happen next?

Update (1/17/08):
Sold on 12/10/07 for $384,000.