We're out for the day and won't be able to do a complete blog post today, but we wanted to show you another example of a market-chasing listing. This one is in Mission Viejo, and it has been on the market for 79 days:
26482 Via Lara, 92691
Current asking price: $599,693
Description: 4 Bedroom Excellence / Value in Mission Viejo! Owners are motivated and it's priced to sell NOW! Brand NEW carpet 6/13/08. Chef's dream kitchen - Custom made cherry cabinets with granite countertops and all JennAir stainless steel appliances. Perfect family home with great floor plan and ALL bedrooms upstairs. True PRIDE of ownership! Upgrades galore. Huge hardscaped backyard with custom firepit, built in BBQ and tropical landscape. Neat, well maintained front yard. Formal dining & living room and upgraded family room. All bedrooms have custom closet organizers. Fresh paint, new tile, base and crown molding and ceiling fans. This home has been maintained by Mr. and Mrs. Clean! Great neighborhood! Near school, park & lake. Member of Lake Mission Viejo. NO HOA and NO MELLO ROOS. Jump on this opportunity before it's too late!
Price Reduced: 04/30/08 -- $599,999 to $599,998
Price Reduced: 05/02/08 -- $599,998 to $599,997
Price Reduced: 05/18/08 -- $599,995 to $599,899
Price Reduced: 05/24/08 -- $599,899 to $599,777
Price Reduced: 06/01/08 -- $599,777 to $599,697
Price Reduced: 06/13/08 -- $599,697 to $599,696
Price Reduced: 06/16/08 -- $599,696 to $599,695
Price Reduced: 07/07/08 -- $599,695 to $599,693
That's eight price reductions in a little more than two months for a total of $306 off the original asking price of $599,999. Or, if you prefer, an average price cut of $38.25 each time.
We also see they "celebrated" the installation of the new carpet on June 13 by lowering the price by a whole $1.
Redfin shows the previous sales price was $287,500 in 2000, so the owners should come out plenty ahead once they sell, assuming they haven't squandered their equity. Mr. and Mrs. Clean - as the listing calls you- how long will you keep chasing the market down?
Wednesday, July 09, 2008
Market chaser redux in Mission Viejo
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4 comments:
Oh brother, less than 1,000 reduction total. They're not motivated, they're still dreaming.
Realtors have been telling people the homes double in value every 10 years, so darn it, they should get their 100% appreciation, why not in 8 years? That entitlement mentality.
I live on that same street and the realtor is a neighbor to us both. It looks to me as if he was lowering the price just to get it to pop up as price reduced in MLS - if that is even possible.
By the way, this house was listed previously at 699,000 with First Team realty for well over a year until they pulled it off the market for a few months.
real estate agent should go the way of the stock broker
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