The Seller Wanted $2.4M

By Dave Fratello | April 2nd, 2019

It was almost a year ago that 1707 10th first hit the market. Back in late April 2018.

1707 10th Street Manhattan Beach CAIt's a one-level 1970s home. At the time, it was in mostly original condition - dating back to 1975 - although there was fresh paint everywhere and fresh carpeting. (In our review at the time, we said all that new cosmetic stuff was "almost overwhelming.")

The start price was $2.400M for this single-level, basically original, 4br/3ba, 2200 sqft. home with a guest unit off the garage.

It was obviously radically ambitious. Out of line. Bonkers. Whatever you wanted to say.

1547 21st Street Manhattan Beach CAThe very same week that 1707 10th came out, an extremely similar one-level home at 1547 21st (3br/2ba, 2180 sqft.) also debuted.

The 21st St. house began at $1.699M, so, call it $700K lower.

There were other comps among the solds that plainly supported the $1.7-ish price, and nothing that supported the $2.4M price.

At the broker's open, where pretty much everyone struggled to breathe thanks to paint and carpet fumes, and where everyone's mouths were agape at the price (plus the struggle to breathe), we asked the listing agent where that $2.4M asking price came from.

"The seller wanted $2.400M," came the honest reply.

As an agent trying to get the listing, what do you do in that situation?

Seller tells you they want $2.4M, and you know it's preposterous. But if you say a word like "preposterous" around a seller, you're out the door and on to your next appointment.

Probably you should push back and have an honest discussion around valuation. That's what the (potential) client deserves.

But sometimes an agent nods and agrees and puts the "seller's price" on the listing to begin, then waits around to see what happens. They'll have "the talk" later when the property doesn't move.

On this one, there was an interesting outcome.

The home hung around for 5 weeks, then took a monster cut of $600K.

It eventually sold for $1.700M, to a flipper.

The seller wanted $2.400M, but the market said, nah, $1.700M.

(The above-mentioned 1547 21st sold within a week for $26K over asking, $1.725M.)

1707 10th Street Manhattan Beach CAAs the flipper went to work on 1707 10th, that same dream of getting $2.400M emerged.

Some day, someone was going to get $2.400M.

Well, it turns out, that day came quickly.

The revised, updated flipper remodel sold before coming to market for...

$2.400M.

Yes, that seller wanted $2.400M too, but this one put in the work first. (Beyond the fresh paint and carpet. Did you notice that it made a big impression last year? Still gagging here.)

No need to wish, no need to shoot the moon.

Put in the work, price it right, and maybe you'll get your number.

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