Now THAT’S a Price Reduction!

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.