This one comes from Mandi Collins, a broker in Los Angeles. “And how hot is the market right now?” she asks before telling the tale of 2215 Scott, a home in LA’s trendy Silver Lake neighborhood. It’s now on the market for the third time in fourteen months, according to Collins. It was first purchased in April of 2004 for $423,000, with no money down. It resold for $470,000 this May, thanks to another no money down loan. At the new price of $726,000 the buyer’s asking $900 a square foot. “Will it sell at this price? I have no idea,” Mandi asks and answers. Her one clear conclusion: “It’s a GREAT time to sell.”
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.