Saturday, March 1, 2008
Another Example of a Poor Business Decision
This home in Preston Hollow sold in February 2006 for $815K. It was vintage early 90's and desperately needed updating, but otherwise a solid home. The new owners did a nice job renovating the home and it looks like it shows great. But why the heck-fire would they be trying to sell - and expect to make $200,000- after owning the home for just 2 years? That's $100K a year people!
Are they flippers? Are they sellers just looking to move up, down or sideways? Do they have to sell or do they just want to sell? Are they being relocated?
I just don't get it. They have already reduced their asking price to $1,025,000 down from $1,070,000 and been on the market for over 4 months. Considering there are 173 homes for sale between $900K and $2 million in Preston Hollow it just doesn't make good business sense to be selling their home right now unless they are willing to get a little bit more realistic with their price. But this is exactly why there are so many homes on the market because no one lives in their home long enough to earn any equity and they expect the buyers to be ignorant of the fact that they bought the home for $815K 2 years ago. Seriously folks, you need to start paying attention.