As we wrote in January 2008 when the sales office at Park Terrace launched a “step-up commission program” targeting buyers’ agents:
It’s no longer only the townhomes at Park Terrace which will garner brokers an increased sales commission (which might speak to the strength of sales since our last update). And it’s a good reminder to ask, is your agent working for you or selling for the developer?
A few months before in August 2007, 325 Berry #301 sold for $1,181,000. The two-bedroom Park Terrace unit just returned to the market listed for $899,000, a sale at which would represent a 24 percent ($282,000) drop in value for the 1,259 square foot condo with “water views!” over the past three and one-half years.
Unfortunately we haven’t heard of any “step-down” loss or commission programs for those who are now trying to sell.
∙ Listing: 325 Berry #301 (2/2) 1,259 sqft – $899,000 [MLS]
∙ Your Agent Might See Value, But Be Sure To Ask For Whom [SocketSite]
∙ Arterra’s New Buyer’s Incentive And Park Terrace’s Broker’s Bonus [SocketSite]
∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]