March 30, 2011
56 Sotelo Shortly Returns A Little Less Short
It’s been ten months since 56 Sotelo Avenue first hit the market asking $1,995,000 having been purchased for $1,900,000 in 2007 and then remodeled incorporating new wrought iron gates imported from South America amongst other updates.
Relisted, reduced a few times and eventually listed as a short sale for "$1,599,000," the listing for 56 Sotelo was withdrawn from the MLS on Monday despite having been in contract since mid-February according to the MLS.
Don’t fret if your "fussiest clients" never had a chance to see it, however, for the next day 56 Sotelo was listed anew with a new brokerage at $1,835,000 and an official "Days on the Market" count of one.
∙ Listing: 56 Sotelo Avenue (4/4.5) 2,770 sqft - $1,835,000 [MLS]
∙ There Were Bids For The Before Will There Be Bids For The After? [SocketSite]
∙ No Bids So A New Listing And (Another) Reduction Up On Sotelo [SocketSite]
First Published: March 30, 2011 8:30 AM
Comments from "Plugged In" Readers
So it didn't sell at 1.6M, when it was on the market at that price since November and now it's going to get over $1.8M.
Where does the "fussiest clients" come from?
[Editor's Note: We wouldn't be surprised if the bank balked at
the "list" price what they were being asked to eat (and from the latest listing: "This is a must see for your fussiest clients.").]
Posted by: sparky-b at March 30, 2011 12:40 PM
Isn't that a rite of spring -- to re-list anew at a higher-than-last price hoping to catch a new wave of buyers? I personally think I'm seeing this all over the place.
Posted by: Tripp Knightly at March 30, 2011 8:59 PM
Why was it in contract for so long if the bank wasn't going to take the offer? Does it take that long for them to decide they need $235K more than the offer? This after being on at that price for 4 months and getting no offers since last July at what they are looking for now.
Oh well I guess I will have to wait around until it gets back under the last price in a few months.
Posted by: sparky-b at March 31, 2011 9:00 AM
Why would any buyer now pay $1.8M when they can see that it didn't sell at $1.6? (Scratching head.)
Posted by: jlasf at March 31, 2011 10:55 AM
completely agree with sparky-b. unless you're a first-timer from way far away, there's no way you're offering full-price. although the house itself is incredibly charming - that black on white thing is a designer's dream, no?
Posted by: MH for Movoto at March 31, 2011 11:04 AM
and back down to $1.599M. Fantastic marketing, don't take the $1.625M offer, move the price back up for 10 days, bring it back down under the offer you didn't accept and then...
Posted by: sparky-b at April 12, 2011 12:04 PM
The sale of 56 Sotelo has closed escrow: The Rather Short Sale On Sotelo That Took A Rather Long Time
Posted by: SocketSite at August 31, 2011 3:07 PM