I guess you could say that $10 million doesn’t go as fas as it used to either:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Yup, $10 millions isn’t what it used to be, but it’s still an awful lot of money, the kind that only comes out for top quality properties.
And this isn’t one of them…
The seller’s expectations are totally out of whack. The property sold 9 years ago for $2.9 millions. +244% in 9 years? This is loopy. No surprise, it has been on the market since January and no takers.
It also means there is one agent out there who, sooner or later, is gonna have to have an ‘interesting’ conversation with his client…
That’s a busy road below too that they made no attempt to hide.
That’s crazy, you can get a beachfront for that kind of money. “Boast” seems to be the keyword indicating an overpriced property these days.
So, JtR, what would you list this property for? I couldn’t believe it was listed for $10 mil…
I think there are people who believe that I like to give them away, but I always list for top of the top.
But I am a firm believer in keeping urgency high by lowering the price early and often.
It makes sense – if nobody is offering in the first couple of weeks, the only way it gets better is if you are in a rapidly escalating market (which we have been over the last 12 months).
In this case, they have been on the market during the one of the two hottest markets (2003-2004) in the history of the world, and it didn’t sell. What does he need, smoke signals? Your price is too high!
To re-ignite the enthusiasm amongst buyers, I’d lower to $9.5, then $8.99 a couple of weeks later to see what happens. If offers pour in, then we’re right there! If not, then keep going.
But this is the strategy for sellers who need to sell.
If you want to price to sit and see if you get lucky, I’m fine with that – contact me today!
Made me think about my trip to sams club yesterday. I saw a barrel of jack daniels for sale for 9584.00. wishful thinking is nice.
Upshot is you can monitor (and listen to) the summer traffic jam on and off Balboa Island right from your back yard! Lets all say it together, location, location location. Why not buy 2301 pacific a bit to the south, have a better view, no big traffic noise, walkable to Big Corona and save 5 mil? Jet fuel ain’t cheap after all.