I first wrote about the Greater Fool theory back in September. The jist is that this house of cards stays up as long as you can find a greater fool to buy your house from you.
Looks like there are still ample fools buying homes in El Segundo. What excites me is that there’s a fair amount of would-be developers and flippers over-paying for homes in town. Want to know who will be the first to panic and dump a home if and when things take a turn? The developer. He isn’t buying a home for his family, he isn’t trying to access the community and schools of El Segundo he’s just trying to make a buck as quick as possible so that he can move on to the next deal.
The shitbox at 123 Loma Vista is in escrow. This photo says it all. And once again cheers to the asshold real estate agent that stands to make about $30k for his efforts and fine photography skills. What a dick!
Someone has taken the bait at 403 Loma Vista. Another overpriced shit box with a lazy ass real estate agent and photographs that speak volumes.