Tuesday, March 25, 2008

Mixed Nuts: Greg and Barbara Abbott

The coming real estate bailout is going to subsidize people like this: Greg and Barbra Abbott, poster children for stupidity. As David Bernstein notes:

“Oddly enough, the objectively reasonable price is always above what the buyers paid for it, after commissions.”
Even more oddly, the Abbotts want $669,000 for a property they paid $583,425. Less than a year ago.