Where: 29xx Benton Blvd, just southwest of Minneapolis’ Cedar Lake
What: 4 BR/4 BA; 3,100 FSF Colonial built in 1939
How much: sold for $641k (July ’09); originally listed for $925k (April, ’08). Tax assessed value: $849k.
Not convinced that overshooting on asking price can boomerang on a Seller (especially in a declining market)?
Consider this classic, 1939 Colonial just southwest of Cedar Lake, in Minneapolis’ Sunset Gables neighborhood (“Exhibit A”).
Originally listed at $925k in April, ’08, it suffered six price cuts totalling $225k over a 13 month period — capped by the biggest one of all: a $59k discount from the last asking price of $699.9k.
Ultimate sales price: $641k.
Three blocks west, my clients listed their very similar, 1937 Colonial at almost the same time — Spring, ’08 — for $875k. Call it “Exhibit B.”
Based on the feedback and showing activity, after a month on the market, I advised (and my clients agreed) to cut the price to $829.9k.
Six weeks later, they had a signed deal, and two months after that (Aug, ’08), they closed.
Selling price: $790k.