April 11, 2007
Betting On A Bidding War? (Once Again)
After two weeks on the market the list price on 841 Webster was reduced $50,000 (4%). Two weeks later, it was reduced another $59,000 (5%). And a week after that (yesterday), it was reduced another $201,000 (17%). Perhaps they're betting on a bidding war. Or perhaps expectations have actually changed (apparently it's now "priced to sell!").
Regardless, and once again, we can't help but note that if 841 Webster one sells for one dollar over $989,000 (which is $310,000 less than the original list price) it will be recorded as selling for “over asking” and quite possibly with “multiple bids!” Ah, those wacky little marketing statistics (and tactics).
∙ Listing: 841 Webster (3/1.5) - $989,000 [Zephyr] [MLS]
∙ Betting On A Bidding War? [SocketSite]
First Published: April 11, 2007 8:00 AM
Comments from "Plugged In" Readers
Take a look at a satellite pic of the area and you'll see why they are getting aggressive on pricing. Better yet, hit the crime maps for the area at http://www.sfgov.org/site/police_index.asp?id=23813 and you'll really see what's up.
Posted by: eye in the sky at April 11, 2007 9:49 AM
"Take a look at a satellite pic of the area and you'll see why they are getting aggressive on pricing."
Location is tough but was also tough a month ago when the realtor set the price $300K higher.
Posted by: Michael at April 11, 2007 10:19 AM
only someone who did not know the area would purchase there. It's never going to change, and while a great price for the house, the 'hood will always be the hood.
Posted by: bdb at April 11, 2007 5:39 PM
Agreed - pretty rough hood. I have a friend who bought a huge gorgeous place around the corner during the dot com boom with the assumption being that a rising tide lifts all boats - well, not quite. Some areas improve with redevelopment and gentrification of surrounding properties but the areas with long standing detrimental uses like the projects surrounding this place or the residential hotels around 6th/Mission well, change doesn't come so fast, if ever.
Posted by: Anon at April 11, 2007 7:32 PM
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