April 14, 2008

The Science Of The Raise

Cindy recently spotlighted a price increase strategy in her neighborhood as “wacky”– well, the wackiness certainly isn’t contained on the west side.

Let’s look at 905 E Harvard, which in late March saw the price raised from $385,000 to $405,000 on its old listing– which was pulled in favor of a refreshed, photo-less spot, complete with a revamped price of $489,000! If there is some justified reason in which the asking price has gone up $104,000 in a span of about two weeks, it can’t be derived from the insanity of charging $699 per square-foot for this tiny piece of Glendale, as there is yet another listing for this house at $400,000. Confusion as a new marketing tactic perhaps?

1141 Armada, a teardown lot in north west Pasadena really takes the cake though, recently upping the listing price to $800,000 from $475,000– a nearly 70% price increase.

GLENDALE
905 E Harvard ST
Old price: $385,000
Now: $489,000 (27% increase)
Beds: 2 / Baths: 1
SQ.FT.: 700
$/SQ.FT.: $699

344 N Maryland AVE #302
Old price: $300,000
Now: $320,000 (6.7% increase)
Beds: 2 / Baths: 2
SQ.FT.: 988
$/SQ.FT.: $324

PASADENA
1028 Glen Oaks BLVD
Old price: $1,600,000
Now: $2,000,000 (25% increase)
Beds: 3 / Baths: 3
SQ.FT.: 2,557
$/SQ.FT.: $782

1141 Armada DR
Old price: $475,000
Now: $800,000 (68.4% increase)
Beds: 2 / Baths: 1
SQ.FT.: 1,674
$/SQ.FT.: $478