Best/Worst Real Estate Broker in California

Rep. Randy Cunningham apparently has the best real estate broker in California. He sold his Del Mar, California, house in November of 2003 for a tidy $1,675,000. A month later, however, the person who bought the house from Cunningham put the house back on the market, but it took eight months to sell the house, and the price fell $700,000. It seems the buyer’s agent was the worst broker in California. Too bad.
Then again, there are some puzzles here. The man who bought the house from Cunningham was Mitchell Wade, a defense contractor doing business as MZM, Inc. Wade’s company had received millions of dollars in defense business, and Cunningham sits on the House Intelligence Committee. These are things that make you go “Hmmmm.”
Is is possible that Del Mar’s beachside prices fell precipitously during the biggest real estate boom ever in southern California? As the figure here shows, no, it’s not likely at all. So we’re left with believing that either the buyer & seller had the most bizarre yin/yang experience in real estate history, or there is more to this than meets the eye.

Related posts:

  1. California’s Real Estate Glut — in Agents
  2. Real Estate: The End is Nigh(-er)
  3. Reality TV, Enron, & the Real Estate Bubble
  4. Information Games in Real Estate Markets
  5. Shared Listings and Real Estate

Comments

  1. Republican House Member Randy Cunningham Takes Bribe, Pockets $700,000

    Paul Kedrosky reports: Infectious Greed: Best/Worst Real Estate Broker in California: Rep. Randy Cunningham apparently has the best real estate broker in California. He sold his Del Mar, California, house in November of 2003 for a tidy $1,675,000. A mo…

  2. Nigel deGruyther says:

    And Hillary Clinton got lucky her first and only time trading cattle futures.

  3. Jay Fowler says:

    Sounds like these guys are great candidates for the AssCancerList!

  4. abhi says:

    http://www.latimes.com/news/nationworld/nation/la-na-stevens15jun15,1,5921583.story?coll=la-headlines-nation&ctrack=1&cset=true
    Another Senator with an amazing real estate agent.
    “Sen. Ted Stevens (R-Alaska) made $822,000 last year from the sale of a controversial real estate investment with an Anchorage developer who had obtained a huge federal contract with his help, records show,” the Los Angeles Times’ Chuck Neubauer reports. LINK
    from abcnews’ The Note – perhaps the best political reporting anywhere.

  5. Matthias Schoener says:

    Not being from Southern California, I had not heard anything about this case, until you posted about it in June. I was just reminded of your post, when I read about Randy Cunningham’s guilty plea, and his resignation from office: http://news.yahoo.com/s/nm/20051128/pl_nm/crime_cunningham_dc
    Using the very visible and intensely followed Southern California housing market, seems like a poor choice of venue, for the bribery of a public official. One wonders, whether others are equally corrupt, but less conspicuous.