I love this strategy – it was right on the money.
This first listed for $999,000, but after there were no takers for two weeks they lowered the price to $879,000. It dropped them down into the next level of buyers, and boom – six days later they opened escrow:
5 car garage. Plenty of space to work on the old Woodie and pickup.
Did it really sell for $525,000 in May 09? Prior to the minor updates and polishing, but that would still be quite a deal. Not sure if Zillow is accurate – it also says they started with a list price of $899K, then dropped to $879K.
The $525,000 had to be an inside deal or intra-transfer of some sort. They had it listed for $1.3 million in Sept. 2008.
They had it on the range officially, $899-$999,000, so I was like most agents and got excited at the bigger drop. It is commendable that the sellers didn’t get attached to the $999,000 like most.