May 17, 2008
Price Games in Eagle Rock
No seller likes to lower the price, but if you’re going to do it, do it right. This week’s listings from Eagle Rock/Highland Park have some price highjinks that make me wonder what’s going on….
- This 4/4 Craftsman is a beauty to look at from the street, but I believe this one has an odd-looking addition out back. And this is from the listing:All cars a debris on property will be removed by the C. O...doesn’t inspire a lot of confidence. But hey, the price just dropped from $689,000 to $688,000!
- This short sale actually looks like the house could be a good deal-but it does need lender approval. Here’s the strange part - it’s listed at $520,00, up from $515,000 two weeks ago, $511,000 a few days before that, and it’s original listing price of $1! (You may remember that I wrote about this one-buck gimmick a while back)
- And here’s a short sale for $400,000 that I am including because it looks like it might be a good deal for someone - if you can think past the clutter, and don’t mind a fixer. It last sold in 2003 for $619,000.
mgmtmom said:
Price reductions are rarely what they seem.
Realtors reel you in with low pricing, i.e. a “Short sale”, then tell you that they don’t really know what the bank will accept until AFTER you’ve made an offer, making it hit & miss. They’re hoping that no one is doing their homework and researching a property’s sales history. Comps don’t help either, if all the other units in the area for sale are 200 days DOM. Until there is REAL pricing out there, there will be no rebound.
May 19, 2008 8:36 AM