March 8, 2008
Mixed Messages and Puppeteer Pricing
It’s been a long week and my tolerance is low. I am up in arms with the market today so I’m dedicating this post to nonsensical pricing. It’s all about pricing strategy gone awry. Honestly, who’s selling homes and who’s not?! For Pete’s sake, price them right from the get go and be true to what is being offered. Don’t give us silly increases, decreases and disingenuous comments about great opportunity and potential. It’s transparent and annoying. I mean really, nobody believes a couple of thousand dollars off a major junker is going to motivate people to get off the fence and say: “hot digity, just what I was waiting for!” Or that wacky increases in asking prices do anything but confuse buyers. Of course these things don’t work. All they do is raise red flags and skepticism. Honk if you share my frustration!
3815 Swift Avenue - Was asking $259,900. Now asking $256,500. 1918 two bedroom, one bath home. Bank owned. It has 700 square feet and is priced at $366 per square foot. It last sold for $304,254 on August 10, 2006. Listing says it won’t last; on Redfin 71 days.
4161 Polk Avenue - Was asking $219,000. Now asking $238,000. 1926 two bedroom, one bath home. It last sold for $355,000 on May 18, 2004. Listing says come and get it; on Redfin 91 days.
3424 Quince Street - Was asking $499,000. Now asking $729,000. 1952 three bedroom, one bath home. It last sold for $555,000 on March 8, 2005. 1,450 square feet priced at $503 per square foot. Listing says it cannot be shown; on Redfin 61 days.
4421 Olive Street - Was asking $399,000. Now asking $450,000. 1935 single family home with three beds, two baths. 1,300 square feet priced at $346 per square foot. Last sold for $486,000 on September 14, 2006. Listing says well maintained; on Redfin 23 days.
3020 Dumas - Was asking $799,100. Now asking $799,000. 1927 single family home with three beds, two and a half baths. 1,952 square feet priced at $409 per square foot. Last sold for $418,000 on December 3, 1999. Listing says ample driveway good for client with antique automobile; on Redfin 141 days.
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Unsold in 60 Days? What are You Complaining About!
San Diego Real Estate Watch: An Ode to Dr. Seuss
San Diego Real Estate in Troubled Waters: SOS! Abandon Ship! Mayday Mayday! We’re Going Down!
