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Relisted, reduced a few times and eventually listed as a short sale for “$1,599,000,” the listing for 56 Sotelo was withdrawn from the MLS on Monday despite having been in contract since mid-February according to the MLS.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]
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” pricewhat they were being asked to eat (and from the latest listing: “This is a must see for your fussiest clients.”).]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.
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.
Why would any buyer now pay $1.8M when they can see that it didn’t sell at $1.6? (Scratching head.)
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?
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…
The sale of 56 Sotelo has closed escrow: The Rather Short Sale On Sotelo That Took A Rather Long Time