[Editor’s Note: want to see what happend to this house? See, Fern Hill Flip]
Where: 2641 Kipling, in St. Louis Park’s Fern Hill neighborhood
What: 3 BR/2 BA; 1,678 FSF
Asking Price: $165k
Sold Price: $205k
Days on Market: 3
Closed: 3/9/09
Forty thousand over asking price??
That isn’t supposed to happen in a market flooded with inventory, and specifically, bank-owned foreclosures like this one. And yet, that’s exactly what happened here.
I profiled this home one month ago when it went pending after less than 3 days on the market (“What’s Selling? Fern Hill Foreclosure“). At the time, I speculated that it went in multiple offers, and that the ultimate selling price would be over the asking price — perhaps well over.
Good call (if I say so myself).
One of the biggest misconceptions in today’s market is that, no matter where a house is priced, it will ultimately sell for a big discount from that price.
Sellers who subscribe to that mindset invariably pad their asking price — and then wonder why they aren’t selling.
Buyers who subscribe to that mindset miss out on a lot of great deals (and waste a lot of time and energy writing unrealistically low offers).
