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Radical Price Chops Got It Sold

A high-stakes strategy of making huge, quick cuts on a listing has worked out for one East Manhattan house.

In less than 3 weeks on market, they had made two big cuts totaling nearly $600K, or 23% below the start price.

Now, it's closed over the last asking price.

1504 Mathews Avenue, Manhattan Beach, CA1504 Mathews (4br/3ba, 2024 sqft.) is a 1950s house with modest upgrades and a bonus room in back off the garage.

Like oh-so-many listings this year, it's a fixer. (See: "So Many Fixers and Lot Sales.")

1504 Mathews Avenue, Manhattan Beach, CAThe listing launched at $2.590M right before the long July 4th holiday weekend.

Before the next weekend, they had cut $241K to get the price to $2.349M.

Not long after, they cut another $350K to $1.999M.

We took note of the activity in a mid-July post, "This Listing Cut $600K Within 3 Weeks."

There, we said:

"It's huuuuge to see this one get under $2M. Maybe it'll get bid back up over that point."

1504 Mathews Avenue, Manhattan Beach, CAHmmm, we saw something there, didn't we?

The sale has now closed at $2.105M, or $106K over the last asking price.

All told, the listing only racked up 25 days on market. That's quite a result for an instance where the start price was nearly $500K too high.

Ordinarily, overpricing leads to long DOM counts and a bunch of arguments between seller and agent.

But overpricing when paired with a readiness to make big, bold cuts in response to market feedback turns out not to be such a bad approach.

axe-cutting-trunk

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 April 27th, 2024 at 6:10am 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.