“Now You See it . . .
Now You Don’t”

In a post last month, I posed the question, “Did the Seller Leave Money on the Table? Four Ways to Tell.”

That post came to mind as I scanned the particulars of 2900 Chowen Ave. South, which came on MLS this afternoon — I’m not kidding — as “Active” at 1:45 p.m.; was switched to “Pending” at 1:47 p.m.; then was switched from “Pending” to “Closed” at 1:49 p.m.

Total elapsed time?

Four minutes.

Sale Postmortem

Well, at least other Buyers (and their agents) had a “heads up” that 2900 Chowen was coming on the market, right?


I can only speak for myself — but I live 2 blocks away, have sold over a dozen properties worth $6 million-plus within a mile, and have an extensive local network of contacts.

And I didn’t hear a peep.

OK, so at least the Seller got a good price, right?

Draw your own conclusion, but the asking price was $200,000, and the selling price was $150,000. (As a percentage of market time, that just might be the world’s biggest price reduction –ever.)

That compares with a tax assessed value for just the land of $196,700.

Oh . . . and a couple doors down, the lot at 2822 Chowen is now “Pending.” List price: $285k — for a lot that is 21% smaller than 2900 Chowen (6,050 square feet vs. 7,623).

Single Agent Dual Agency: Exhibit A

OK, well at least the Seller’s agent negotiated hard for them, right?

Hard to say, because the Seller’s agent . . . . was also the Buyer’s agent.

Called “single agent dual agency,” such deals are notorious for conflicts of interest.

If you’re keeping track, that’s 4-for-4 on my “four ways to tell” if the Seller left money on the table.

As I say . . . draw your own conclusions.

P.S.: So guess what 2900 Chowen is worth according to Zillow? (Called a “zestimate”)

Give up?

Try, $406k.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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