Someone who’s interested in this house ” and isn’t afraid it will sell first ” might plausibly sit tight a few more weeks (days??), and see how much lower the Seller will go.
—City Lakes Real Estate Blog (June 9, 2012)
In a post last week, I noted the aggressive pattern of price reductions (below) on a Highland Park listing, and speculated that more were coming.
Was I right?
May 4: listed at $699,900
May 10: reduced to $674,900
May 15: reduced to $649,900
May 18: reduced to $624,900
May 21: reduced to $599,900
May 29: reduced to $574,900
June 1: reduced to $564,900
June 4: reduced to $549,900
June 6: reduced to $524,900
June 14: reduced to $500,000
As it turns out, one more reduction (yesterday) did the trick; the home is now sold, subject to third-party approval (it’s a short sale).
If it’s a typical short sale, it will be another 3-6 months from here to find out: a) if the home in fact sold; and b) what the actual sales price was (when the lender(s) reject a short sale, the home proceeds to foreclosure).
