Try Bidding 10% Below

By Dave Fratello | July 9th, 2008
Here's a nice dual success story.

A very odd contemporary home at 534 14th hit the market in late February at $3.350m.

There wasn't much interest at that level, despite the Martyrs location, proximity to downtown and ocean views. (The home has mostly been listed on the MLS as a Sand Section prop, but it's the Tree Section.)

Gradually the price came down to $2.999m (-$351k/-10%). And there it lingered a bit.

Last month, someone snapped it up. When the sale closed Monday this week, we saw that they had bid almost 10% lower. The buyers picked it up for $2.7m, another $300k off the discounted list price.

The final sale price is down $650k/-19% from that optimistic start.

Here's what's intriguing – this case shows that you can grab a listing for about 10% off its price, even a discounted price, if only you show some interest.

There are plenty of wallflower listings out there these days on which the sellers may welcome a 10%-off "lowball." They just don't want to shift their list prices now for fear of what 10% off of some new price might net them.

The caveat on this one is that the 14th St. home was unique – a little bit too much so. In April MBC said of it:
[534 14th is] a large contemporary (ca. 1990) with 4br/4ba and 4100 sq. ft. It's really two buildings. Guests & kids get the front tower with its 3br and small hangout rooms. Grownups get the entertainment spaces and a master through which the back yard pool is accessed.
That's right, one bedroom is in the main/entertainment wing, just off the pool, while the rest of the BRs, all small, are up front in a separate building, connected by a hallway. Not everyone's idea of a family home.

Still, the sellers made a deal. For a home with 4br/4ba and 4100 sq. ft., and a strange vibe, they got a respectable $659/PSF and, let's not forget: $2.7m. Maybe they shot too high to begin, but they were ready to get real when they had paper to sign.

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale