In this market, your property must be priced right. If it’s overpriced, it will become lost in an ever-growing sea of listings, overlooked by today’s bargain-seeking homebuyer.
The lister of this Beverly Hills condo apparently has recognized this. After nearly six months on the market, the owner has dropped the price — off a cliff. Originally listed for $739,000, this two-bed, two-bath unit is now priced at $539,000. That’s a whopping 27 percent reduction. At 1,091 square feet, you’d be paying $494 per foot for this home.
So was this unit drastically overpriced to begin with, or is it now a bargain waiting to be pounced on? Let’s look at some nearby properties.
In the same building, we have this listing. It’s one bedroom and 1.5 baths for $$639,000. So far, our unit is looking good.
Nearby is this one-bed, one-bath unit for $799,000. OK, now our unit is looking really good.
And a few blocks east, there’s this two bed, three bath sold in early September for $730,000, or $445 per foot. That was the lowest price per foot I could find in the vicinity for the past three months.
The verdict: This home is definitely priced competitively. We’ll keep track of it to see whether the market responds.