Reality Slowly Dawns

Posted by Dave Fratello on Wednesday, July 11th, 2007 at 6:51am.

It took 300 days to break their will, but today the sellers at 2812 Elm have reduced their price.

First, kudos are in order: This property has never been "re-listed." (A credit to LA Cindy Shearin, Real Estate West.)

The obstinacy of the sellers has been on full public display since Sept. 13, 2006, when they began at $1.769m and then never budged.

The sellers wanted their $1.769m in part because they paid almost $1.6m in June 2005. Though they sought a 12% premium only 15 months later, surely they just considered that to be normal appreciation that the market would recognize in time.

For a home in a nice location with great curb appeal (as well as 4br/4ba, 2500 sq. ft.), the sellers almost won their bet, but then they didn't.

The new price is $1.699m, down $70k of the $185k extra the sellers had sought. More importantly, they're finally saying they might be ready to deal. (A good thing, because buyers may still think they're high by $100k-$250k.)

Another dawning: Over at the oft-referenced 758 14th St. in Arbolado Court (in order, see here, here and here), the sellers are now down to $1.799m from $1.860m.

We are slowly approaching a list price equivalent to the $1.695m they paid last July 21.

It's progress, in that we've now seen almost $200k chopped off asking, but it's still possible that buyers are saying "no, thanks" because they don't think the market has moved up at all since last Summer.
comments powered by Disqus