Although this was a $500,000 haircut off the 2005 purchase price, there were several mis-steps along the way that could have mitigated the loss:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Two years? Yikes. What’s the longest time you’ve had a house listed for? What amount of time do you shoot for?
A design only the builder could love.
I am usually pretty liberal in saying “ya I could see how some might like that style” and choose to live in a certain house.
But this house is pretty ugly. It just seems off…or unblanced in some way….tough to articulate.
We saw that house and considered it. At the time, it was listed for $1.395M. Would have had to come down to $1.2M for us to consider it, but we figured they wouldn’t have. We didn’t even try to offer.
The layout upstairs was a bit funky too. One bedroom was accessible only through either another bedroom or the office. If they wanted to take a midnight piss, little bro would have to walk through sis’s bedroom to do so. Just a pretty weird layout.
DMH has no shortage of funky houses. I was wondering what that one would finally sell for. Next time you’re in the neighborhood you should stop by for a cold one.
The monster on Mar Scenic is back down to $1.65 and listed as a short sale. I’m guessing some investor lost their shirt on it.
Jeeman-I know there’s no real legal definition of a bedroom, but in my mind, it must have a closet and a window, must be enclosed (so the loft on the golf course condo on Youtube (not posted here yet) doesn’t count), and it must be accessable from something other than another bedroom. I suppose if you could go through the office as well that would be okay, but still treading on thin ice.
It would be hard to swallow lowering your price BELOW what you could have sold for a year ago if you weren’t so greedy. Maybe bad advice from a realtor telling the seller to list high was part if the problem. But deep down I bet the sellers knew what was going on but just refused to face reality.
I have a friend that is going through the same situation right now. They’re trying to sell a condo downtown SD for 150k above what they paid in 2004. Their list price ended up around $450 per sqft. There is a possibility they might sell it for what they’re asking but it’s not the kind of possibility I would bet on. I don’t offer any kind of advice or commentary on the sale I just listen. He’s gone from describing how great realtors are and saying how it’s going to be a tough decision between buying a short sale or a bank owned property after they sell. To getting frustrated by realtors and thinking that they’re just marketing themselves during the weekly openhouses.
Again deep down I think he knows what the real problem is. I just try my best not to say anything housing related around him. When spit hits the fan he’s going to have to either except reality or try and pass the blame. As long as I’m on his side it’s going to be hard to blame me.