Seller shoots self in foot
If you owned a million-dollar-plus home that had been on the market since January, over four months, and you had not received an offer closer than $50,000 of your list price, what would you do? Assuming you really needed to sell it, how about lowering the price? Wouldn’t that seem logical?
As I have seen so often in real estate, common sense does not always prevail. In this case, the sellers, who had taken the property back in foreclosure, decided to do just the opposite. They raised the price by $100,000. More incredible to me is that they did it in response to new buyers who decided to pay the full price they had been asking.
The property is extremely charming and is located in one of the East Bay’s most sought after neighborhoods. Nonetheless, it needs a major remodel, pest control, probably drainage and other work. The rejected buyers believe that, over time, they would have to invest about $500,000 to bring it back to its former glory. Finding purchasers willing to do this is not easy.
Despite how much they love the house, the buyers are not fools. They know other homes with more realistic sellers will come on the market and they are willing to wait. I will be tracking this one with interest.