If you're going to sell in this market, you'll have to be flexible.
If what you are selling is a large ocean-view home in the Hill Section, feel free to begin by dreaming big.
And if things don't work out, get real.
There's always a tension between those goals – getting top dollar versus getting a deal done.
Over at…
If you're going to sell in this market, you'll have to be flexible.
If what you are selling is a large ocean-view home in the Hill Section, feel free to begin by dreaming big.
And if things don't work out, get real.
There's always a tension between those goals – getting top dollar versus getting a deal done.
Over at
312 S. Dianthus, which recently sold, there were another couple of wrinkles to this oft-told story.
Not only did the sellers begin by dreaming big, they
raised the price midstream (in 2008!) to reflect even bigger dreams.
And got a deal after the price boost! (See "
How Quickly Things Change.")
But all that madness came to nothing. The deal collapsed, the home returned to market at the original price, and, over time, adjusted and adjusted.
The good news: It worked. They found another buyer.
The closed price last week:
$2.6m.
That was
-$890k/-26% from the start price of
$3.490m. A pretty big adjustment. Good that they were flexible, no?
It was an even steeper drop from the
oops-we-underpriced-our-home boosted price of
$3.749m. From those stratospheric heights, the drop was
$1.149m/-31%.There seem to be plenty of cases of sellers whose homes are overpriced by double-digits, but discovering the problem and fixing it often takes much longer than it did at 312 S. Dianthus.
In the Hills, 2 other listings have sold in the past 6 months for 22% less than their start prices. Meanwhile, 5 active listings have taken cuts of $1 million or more. They're trying to be flexible.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 24th, 2023 at 5:46pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
