Underprice It and They Will Come

By Dave Fratello | December 11th, 2014

You had better not bring out a challenged listing in December without a plan to get it sold right away.

What's that? You've got a 2003-built Mediterranean on Aviation Blvd. that you'd like to unload? Now?

There's only one strategy: Make it a screaming deal.

That's what we're inferring from the way 1774 Gates (5br/5ba, 3620 sq. ft.) was presented to the market only last week.

They've got a deal already.

Maybe they got that deal so fast because they did not pretend that the home was worth a $2M-ish price.

Several of the East MB comps would mark it as somewhere between $1.850M-$2.100M. (Consider, for example, 1617 23rd [5br/5ba, 3635 sq. ft.], which sold right in the middle somewhere at $1.940M in late October.)

But none of the comps are in the ultra-high 1700s, bordering Aviation Blvd.

So they listed it lower. Much lower: $1.699M.

Inside, there was nothing to account for condition-wise. The original '03 home has the expected travertine and granite finishes, but has been fully refreshed with new carpet, paint and a complete cleaning. The house shows almost like new.

In our review Sunday, we said 1774 Gates "is a bit like yesterday's house at yesterday's prices."

We'll see how close to a "yesterday" price they wind up.

One thing's for sure, they didn't have to wait long to find out what the market would bear.

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