Million-Dollar Coupon?Posted on Monday, July 6th, 2009 at 5:16am.
The ad, for 407 Larsson, prominently features a gigantic markdown from $3.150m to $1.949m (in red, to boot).
Hey, that's a whopping $1.2m chop. Take notice!
But no, that'd be a typo. (Sue the free weekly!)
You can't get this 6br/6ba, 5000 sq. ft. home for $2m. The actual price is closer to $3m – $2.949m. (Click to enlarge the ad.)
The listing is nearly 300 days old, with fairly little movement. The current version of the listing began in late April at $2.999m, with a cut to $2.949m in early May. Hardly worth the special treatment.
Well, there's this... With that cut, the sellers – for the first time – conceded they'd be losing money on the transaction. They paid $2.980m for the home new in Nov. 2005.
But the current price is still a wish for limiting the losses, and wishing right now is not a great strategy.
We'll grant that this is a real nice house, but it's on Larsson in a glutted Hill Section market where the low $3m range could get you ocean views, even new construction. Larsson is a street you settle for. Today, you sell on these streets with impressive pricing. See, for instance: 1825 Oak (mentioned in "Trees en Fuego?").
If the sellers succeed in unloading 407 Larsson, we'll bet this blooper of an ad actually had it half right.
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