Reverse Auction Home Price Still Going Down
Nearly 60 days ago, Justin Wilcox made the headlines with a “reverse auction” on his home. Through a series of price reductions announced on his website, Wilcox has been lowering the price of his home, and he intends to keep doing so until he finds a buyer, or until he reaches his bottom line.
Originally listed at $499,900, the home has been reduced by a total of $60,000, or 12%. Now at $439,900, after 2 months on the market, there are still no takers. However, I think we’re just now getting into a price range where it’ll be interesting to see who flinches first–Wilcox or a buyer.
How does the Wilcox home compare? It is a 4 br/2.75 ba, 2,932 sq. ft. home on a third of an acre. This calculates out to about $150/sq.ft., which I have to admit, is starting to look like a good deal for a remodeled home complete with granite countertops, marble bathrooms, new paint, and new carpet.
Other homes currently for sale in the immediate area are considerably smaller:
20024 99th Ct NE
3 br/2.5 ba, 1,620 sq.ft.
Price: $425,000 ($262/sq.ft.)
MLS 28105368
20021 95th Pl NE
3 br/1.75 ba, 1,220 sq.ft.
Price: $359,900 ($295/sq.ft.)
MLS 28076761
9809 NE 202nd St
3 br/2.5 ba, 1,300 sq.ft.
Price: $395,000 ($304/sq.ft.)
FSBO
19726 100th Ave NE
3 br/1ba, 910 sq.ft.
Price: $299,950 ($330/sq.ft.)
MLS 28094701
The most recent sales comp is located roughly three-quarters of a mile away:
19805 82nd Pl NE
4 br/3 ba, 2,420 sq.ft.
Sold 6/08 for $429,330 ($177/sq.ft.)
