April 21, 2006
Instant Equity! (a.k.a. Free Money)
From the “if it sounds too good to be true” files: the listing for 618 Precita Ave. Currently listed at $864,468, the listing agent taunts, “Folks, this house was appraised last November for over $1,000,000 -- imagine how much instnat [sic] equity you'll get buy [sic] just buying this quaint and beautiful Victorian home.” We're imagining...zero.
And just so you know, the property was originally listed for $912,000 three months ago and has been reduced four times since. That’s right, a little more “instant equity” with every little reduction…
∙ Listing: 618 Precita Ave - $864,468 [Home 4 Less]
First Published: April 21, 2006 12:00 AM
Comments from "Plugged In" Readers
It is important to note that this is NOT a Zephyr listing even though you have two links that take you to the Zephyr website to view the listing. Zephyr is a great firm that wouldn't make such an irresponsible claim as "instant equity" on a house. The listing is with Homes4Less in Daly City. A claim like "instant equity" could easily mean "instant litigation" at some point in the future for the seller and/or their agent. Most Realtor websites have access to all MLS listings they subscribe to so listings from other offices will show up in a their websites when you do a search.
Posted by: Kurt Schwabe at June 21, 2006 3:27 PM
Kurt - great point(s). We referenced the Home 4 Less links in our June 8 follow-up (Even More Instant Equity!), and just updated the links above.
Posted by: SocketSite at June 21, 2006 4:05 PM
And your point is that the realtor went with a goofy marketing technique, or that the house is not worth a million dollars? or both? Because I'd agree with either point, there.
Yeah same house. It's also the same apples to apples property that sold for 750K in August of 2006. Behind a gas station. Half a block off Precita. Nineteen months, no improvements, and 105K later, it sells again.
Posted by: fluj at March 17, 2008 6:23 PM