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We’ve had particular interest in the short sale on Grivetta in Aviara.

The listing agent inputted the listing onto the MLS at an ultra-low price, but he already had his own deal put together.  He told me that the buyer saw him pounding the sign in the front yard, and bought it on the spot.  In the remarks he noted that “back up offer only” and that offers submitted would have to be “site unseen only”.

But with a short sale, anything can happen.  Either the bank can hold out for more money, and/or enough offers get sent in that the listing agent finally submits them all.  Not sure which happened here, but the buyer’s agent was also added as the second listing agent:

934 Grivetta, Carlsbad 92011

5 br/4 ba, 3,492sf

YB: 1999

$550,000  LP 10/15/08

$682,000  SP  12/11/08 

$195/sf

HOA = $79/mo.

Whatever caused the price to go that much higher – it’s good to see that the market prevailed.

How is the rest of Carlsbad doing this month? Are sellers drastically discounting their LPs to get out, or is it more leisurely? Are other sellers opting to go low with their list price, and try to bid up (in bold below)?

There have been 19 detached homes close escrow in December so far:

* REOs (3)
** Short Sales (2)

Difference between avg list price and avg sales price: -12%

Of the four sellers who bought in 2003, two sold for more, two for less.

Of the six sellers who purchased since 2004, one sold for more, five for less.

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If you can get the list price right, and find a buyer within 30 days, you get fairly close to what you’re asking. If you price higher, it takes longer, and the drop is typically bigger.

My rule-of-thumb is that you’ll get within 5% of your LP if you sell in the first 30 days, and then at least 10% off for longer than 30 days – how does it apply here?
(DOM from previous recent listings included)

Properties that went pending in 30 days or less, and the difference between LP & SP:
+24%, +14%, -1%, -3%, -5%, -6%, -8%, -14%

median = -5% off list price

Properties that went pending after 30 days on market, and the difference between LP & SP:
-11%, -11%, -13%,-16%,-17%,-18%, -19%, -20% -20%,-20%, -23%
(bold are those at 100+ days on market)

median -18% off

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Another rule-of-thumb for medium-priced homes is that – in the buyers’ eyes – they are going down about $1,000 per day once they’re on the open market.

Sellers are bold and optimistic the first 30 days. But after that, they start looking around for what else, or who else, to blame besides their price. If you are looking for a big discount off the list price, your chances are better, later.

Posted on Monday, December 15th, 2008 at 11:58 AM in Local Flavor, Monthly Sales, Same-House Sales, Tips, Advice & Links | 2 Comments » |  Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.