Reality Slowly Dawns

By Dave Fratello | July 11th, 2007
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.

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