When a $100k reduction isn't

By Dave Fratello | April 29th, 2007
MBC notes the re-listing of 2507 Valley at a, COUGH, reduced, COUGH, price of $1.999m.

When this house came (back) on the market in early March, it began at $1.999m. Within days, it was re-priced at $2.099m.

MBC mocked 2507 Valley and another listing at 2305 Pine for their post-listing price increases.

Since the tactic didn't work, this week, 2507 Valley got a fresh new MLS number and a price reduction. Achem.

These sellers really have a problem with pricing. In early 2006, they began at $2.249m. No takers. At $2.1m and $2.0m, no takers.

Here are the tactics that haven't worked to sell this property:
  • Holding out for your price
  • Reducing the price a bit
  • Increasing the price
  • Going on and off the market repeatedly over 14 months
  • Waiting for the "right" buyer
  • Re-listing over and over to cover the trail
There's just one thing MBC cannot see on that list: A substantial price reduction.

It would seem the market is saying it, but the sellers aren't hearing it.

It's strange that this sale is taking forever. On the face of things, you'd think the sellers have room to maneuver. They paid $1.54m in February '04.

Alas, alack, the MLS description now screams: "Subject to short sale!!"

Uh-oh, sellers.

What did you do with the $400,000 you borrowed against your house?!?

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