Yes, it's possible to overprice in a sellers' market. And it's possible to recover from that as well.
We're looking first at 319 S. Poinsettia (6br/6ba, 4830 sq. ft.), right down at the boundary with Hermosa Beach, which has just made a necessary 10% adjustment to the ambitious $4M start price that we first noted in "How Perspective Changes," late last month.
At four weeks in, it would appear they've had no action on this nice Cape Cod, and they diagnosed the reason. So, off came $400K from the asking price.
It's now at $3.599M, and touted as the "best value" in the Hill Section in the revised listing description.
This home surprised us in 2011 by selling at a notable markup over its 2004 (new) sale price. (See "A Big Markup Over '04.") The 2011 sale