Not a Chop, Just Free Publicity

By Dave Fratello | March 4th, 2015

If you want to get a little extra juice for your listing while it's gotten slow, what do you need to do? Chop the price.

Do that, and it pops up on all the local agents' MLS hot sheets as a price reduction. Websites like MB Confidential and Redfin will feature the price cut. Buyers may take a second look.

And if you're the seller, here's the great news: There's no minimum price cut to get all the benefits of extra attention from agents, buyers and the Internets.

1208 Oak Avenue Manhattan Beach CAAs is proved by the new $1.00 price cut at 1208 Oak (5br/4ba, 3125 sq. ft.).

Yes, $1.00 and no cents.

From the nice, round figure of $2,000,000 to $1,999,999.

Our morning email from Redfin was even confused: "Price Change to $2M on 1208 Oak," it was headlined.

Nope, sorry robot. You've been had.

Ummm, Dave? Didn't you just fall into the trap here, too?

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UPDATE: About 5 hours after this post went up, the price dropped again, by $999.00 more, making the total price drop from Tuesday to Wednesday $1,000.00 total.

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We wrote favorably of 1208 Oak's price one month ago in "Opposite Extremes: Good Buy, Huge #."

1209 Oak Avenue Manhattan Beach CAThe house is solid and simply suffers from a glaring location issue, being surrounded on 3 sides by commercial properties on the "wrong" side of Oak.

It's priced perhaps 10-20% under general Tree Section comps. (Although $50K $49,999.00 over the neighbor across the street, on the more favorable west side, 1209 Oak, which closed for $1.950M in December last year.)

They'll figure out the pricing here eventually.

Heck, they've already figured out how to beat the system and get free publicity.

Dave, you do know you're helping them, right?

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A couple other updates from around MB today:

• The East MB lot way, way East at 1721 Gates has sold for asking price, $1.400M, as rumored. New construction coming. New prices for East MB lots... escalating.

• On the nice walkstreet just east of Highland, a full-size lot with a little duplex at 316 17th is now offered at $3.250M.

A listing for the property hit the MLS in March 2014 at $3.200M already in escrow, then sat there in backup and pending status for months. Our info is that they cycled through 2 buyers in this time.

Now: Same property, new, higher price, new listing and MLS#, and – for once – new support for a price like that, the form of the neighbor across the block at 313 17th St. selling recently for $3.500M. (See "Another Big East-of-Highland Number" from 2 weeks ago here at MBC.)

• Even a couple of days after first seeing the little El Porto cottage at 212 40th emerge at $1.995M, we're still not over the shock.

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