CATEGORY ARCHIVE: RealRecentReductions™
February 08, 2006
Did Somebody Just Get Zillowed™?
What's interesting is that 2257 Green failed to sell when it was listed at $3,495,000, and was recently reduced to $2,595,000 (now in contract). Sombody's got some explaining to do.
And this might be premature, but it's possible somebody just got Zillowed™!
∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]
January 31, 2006
Third Time (And 50% Off) Is Definitely A Charm
A reader’s tip (thank you!) led us to dispatch a team to 2257 Green Street for this morning’s broker’s tour. We’re not sure if it was the free catered brunch, the property itself (gorgeous views and a fantastic remodeling), or the fact that the listing price has just been reduced for the third time, but brokers were swarming the house.
A little history: the original listing price was $5.2M, which was then reduced to $3.495M by McGuire, and has now been reduced to $2.595M by Ritchie-Hallanan. After three brokers and a 50% price reduction, this one might actually be priced right. So go get it. And as always, don’t forget to invite us to the house warming.
∙ Listing: 2257 Green Street - $2,595,000 [MLS]
January 30, 2006
Single Price Reductions Are Just So Early January
Guessed wrong Overly optimistic about the value of your listing? You’re not alone. Looks like “Second Price Reductions” might be a growing trend as you can add 897 Hayes Street (reduced $200K and advertising: “Second Price Reduction - - Bring all offers") to the list.
Update: 2918-2924 Pine Street Price Reduction
The information continues to flow with regard to the recent price reduction of 2918-2924 Pine Street. Apparently it was Hill & Co. that lost the listing, and this is actually the second time the price has been reduced (from an original $1.6m). Despite what the listing advertises, it’s now a $300k (19%) reduction off the original asking price.
Let's just consider that extra $50k a little gift from us to you...
∙ Another Broker Kicked To The Curb [SocketSite]
January 29, 2006
Another Broker Kicked To The Curb
2918-2924 Pine is back on the market with a new broker, and a new price to match. The property is now listed at $1.3M, a $250K (16%) drop from the original asking price of $1.55M. And insiders tell us that the owners walked away from a below asking offer late last year.
∙ Listing: 2918-2924 Pine Street - $1,300,000 [SF MLS]
January 27, 2006
RealRecentReductions: 1914 Greenwich Street
“Reduced $155K – Look Again” the listing begs (that's a discount of 6.6% on a new listing price of $2.195m). The house is in a great location, and it’s spacious, but it still needs a lot of updating (just take a look at the kitchen). And only one parking space?
∙ Listing: 1914 Greenwich Street - $2,195,000 [SF MLS]
January 24, 2006
The listing for 66 Cleary Court #708 reminds us of that immortal quote from Inigo Montoya in The Princess Bride: “You keep using that word. I do not think it means what you think it means."
This listing touts a “$24K drastic price reduction!” on a listing price of $675k. That’s right, a “drastic price reduction” of 3.4%. And it’s still available? Inconceivable!
∙ Listing: 66 Cleary Ct #708 ($675k) [SFMLS]
January 23, 2006
2967 Pine Street: New Broker, New Price
It might be listed as “On Tour as New”, but we know better. 2967 Pine Street is back on the market with a new broker and a new price. Apparently Sotheby’s has been kicked to the curb (the property is now listed with Brown & Co.), and the price has been reduced $225k (it was $1.65m, now $1.425m).
December 19, 2005
Those Damn Neighbors
The listing price for the two bedroom house at 2401 Vallejo has been reduced $230,000 (to $1.99m). The property had been sitting on the market at $2.25m when their next-door neighbors put their more modern house on the market for $1.95m. Those damn comps (and neighbors).
∙ Listing: 2401 Vallejo, $1.99m [Pacific Union]
October 14, 2005
You Can Relist, But You Can’t Hide
It’s a dirty little secret of the real estate trade: relist (or in this case, change agents) in order to obscure a dramatic price reduction for a property. And it probably worked a lot better before SocketSite (and our readers) joined in the fun. From a reader’s tip:
"240 - 242 Roosevelt Way was listed at $2.1 million. It dropped to $1.9+ million. Then got relisted with another agent (likely to not show a huge price reduction) currently at $1.575 million."
And yes, listed as "On Tour as New" in the MLS. Excellent, let’s keep ‘em coming. And oh, we almost forgot the best part of the tip: “Love your site.” Aww, shucks...
∙ Listing: 240-242 Roosevelt Way, $1.575m [SF MLS]