11% in 2 Weeks

Posted by Dave Fratello on Thursday, July 29th, 2010 at 4:14am.

There are lots of ways to make price cuts.

You can do 'em slowly, over the long term, reluctantly.

Or you can make your move quickly, when it's clear that you started too high.

Maybe you know MBC's preference. We like to see sellers move toward the realistic end of the spectrum as soon as possible. Who enjoys having a listing run 6 months or more?

And this is the time, by the way, to make your moves, with the calendar squeezing the buyer pool. (See "Selling You Home? Then Act Like It.")

Today's example is 748 11th (5br/5ba, 5700 sq. ft.), an early-90s Hill Section manse with some updates on a quiet block west of Pacific.

The home began at $4.495m less than 2 weeks ago, and has now cut $500k (-11%) to $3.995m.

Seems like they weren't so attached to that inflated start price, after all.

We noted in our review for the first public opens:

It's practically 2 houses, with 4 [out of 5] bedrooms and a living room downstairs – one bedroom has a kitchenette and extra space, making it living quarters for a long-term guest or the help.

Upstairs is the master with 2 walk-ins, a great office with treetop views, a big and modern kitchen plus living/dining spaces. One separate living room has a little peek at the ocean...
[T]hroughout the home are details that many buyers will want to update.
A reader who also toured the home had this to say:

"Honey I forgot to remodel half the House". 1992 Dated downstairs, 2010'ish current upstairs.
The reader had it right – a striking feature of the house is that the upstairs feels now, and the downstairs... not so much. What will you do with all the extra space? First, remodel it.

So we've got a tough case here, and the smart thing is to start showing movement before the listing vanishes into obscurity.

If the attitude holds, the listing's a contender for a sale this year.
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