Greed doesn’t pay!

I love seeing the laws of supply and demand slap someone upside their head.

The genius that owns 533 Concord St that tried to rape and gouge people with a $5000/month rent for a 1500 sqft house is getting hammered.

If you don’t know about this episode of greed check out the previous posts, but the jist is the former tenant spread the word that they were moving. A feeding frenzy for info began and the owner Jo Yocum figured he’d capitalize and try to gouge people and ask $5000/month (even after a week advertised at $4500). Well here we are one month later and the price has gotten another haircut to $4250!

Greed bites back. He just lost ~8% of his annual rental income by trying to be greedy. That house would have been rented as-is before the former tenant moved out.

Price History

DATE EVENT PRICE $/SQFT SOURCE
02/07/17 Price change $4,250/mo-9.6% $2 Zillow Rental …
01/23/17 Price change $4,700/mo $2 Zillow Rental …

1: https://elsegundobubble.wordpress.com/2016/10/20/503-concord-st-el-segundo-ca-90245/
2. https://elsegundobubble.wordpress.com/2017/01/22/533-concord-update/
3. https://elsegundobubble.wordpress.com/2017/01/23/533-concord-rental-update-3/

 

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