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Latest Business News

Real Estate Expected to Flounder in 2007

Thursday, December 14, 2006 12:57:46 PM
By RACHEL KONRAD

Donald Anthony stands in the kitchen of a home he is trying to sell in Antioch, Calif., Tuesday, Nov. 28, 2006. Anthony has knocked down the price of his 4-bedroom ranch not once, not twice, but three times -- and along the way put more than $40K worth of improvements into the place -- and still has not sold it. (AP Photo/Jeff Chiu)ANTIOCH, Calif. (AP) - Donald Anthony has slashed the price on his four-bedroom, two-bathroom house by almost $80,000 — and added $40,000 worth of improvements, including a new kitchen and landscaping in the leafy yard.

He's used three different agents. He's listed the 1,800-square-foot home — an immaculate ranch on a quiet cul-de-sac — on for-sale-by-owner sites, in newspapers, on cable television and community site Craigslist. He or his agents have spent at least 50 idle afternoons hosting open-house events.

But the 74-year-old retired physicist cannot unload the house, now listed at $489,950 — well below the price of comparable homes in the fast-growing region between San Francisco and Sacramento.


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