Thursday, March 27, 2008
$100,000 Price Reduction on Beverly Drive
Remember this little incident I caused over at Overheard? Apparently the ruckus even made its way on to a real estate blog in San Diego. To summarize, a FSBO at Beverly Dr. and Preston Rd. in Highland Park was asking $2,250,000. After 2 months and no sale they listed with an agent and increased the asking price by $200K to cover the commissions. I called shenanigans saying buyers would see right through their ruse. It stirred up some serious emotions to say the least.
Today the MLS shows the property reduced $100,000 off their original $2,495,000 asking price and it has been on the market for roughly 2 months. So they are now at $2,395,000 which is still $145,000 more than what they were asking during their FSBO days. It didn't sell then after 60 days on the market and now they have been on the market for 2 more ,months at a higher price and have just reduced $100,000.
Some of you might be waiting for the "I told you so" but it's not coming. All sellers in this market can learn from this example. In both good and bad markets, Dallas will never be a real estate market where you can test the buyers and hope a hedge fund daddy will simply pay you what you're asking, just 'cuz. Most buyers in the Park Cities are smart and their Realtors should be even smarter.
Now we'll just have to wait and see how my $1.9 to $2 million dollar sales price prediction holds up.