You Know They Know You Know (Know What I Mean?) Not all overpriced homes are created equal (and today’s housing market seems to have more than usual). In fact, it sure seems (at least to me) like they divide into two camps: 1) Sellers who are overpriced and know it; and 2) Sellers who are...Read More
That Would be *Five(!) Price Reductions (If You’re Counting) First, two caveats: 1) the home that goes with the rather brutal chart (above) — spanning over 2 years of market time — wasn’t my listing (I prepared it as part of my listing presentation for a home down the street); 2) it’s from a...Read More
No Discount on This One In a Buyer’s market like today’s, it’s not unusual for gun-shy Sellers to want to “pad” their initial asking price. Their rationale? No matter where they set their initial asking price, aggressive Buyers are simply going to discount further from there. So, why not pick a listing price that “leaves...Read More
50% Off Original Ask There may be another home in the Twin Cities that’s been on the market longer, or has been discounted more from its original asking price than this one. But if so, I’m not aware of it. Originally listed at $1.395M in September, 2007 (yes, that’s 32 months ago!), this postcard-pretty 1937...Read More
Mispriced Properties: Exhibit A Where: 46xx 1st Ave. South in Minneapolis What: Bank-owned (foreclosure) 3 BR/2 BA 1917 stucco home with 2,000 square feet. How (much): asking price — $72,900; sold price — $130,000 When: listed — 4/19/2009; closed –8/18/2009 In my post yesterday (Seller’s Motivation: Is it Relevant?”), I made the case that the...Read More
Was: $1.5 Million; Now: $599k Where: 142xx Trace Ridge Road in Minnetonka, just west of 484 What: 4 BR/5 BA with 4,650 square feet on a .79 acre lot How (much): list price is $599k When: originally listed at $1.5 million in 2005 Who: co-listed by Mark Jelinek and Michael Mohs of Edina Realty (Mark...Read More
