The New New Bottom Line:
June 20, 2008
Observer SocketSite Effect In Action?
Earlier this week on SocketSite:
Our thoughts on the listing for 1083 Hollister seventeen months ago (listed for $499,000 at the time). A take-charge (which we love) reader’s survey of the property and location soon thereafter. And the “newly renovated” listing today (asking $688,000).
From a plugged-in tipster this morning:
The seller for the house on Hollister is now asking $800,000 … I guess from all the Internet “buzz.”
And newly added to the listing: “Seller’s bottom line $700,000.”
∙ From Relative Value To Recently Renovated, 1083 Hollister Returns [SocketSite]
∙ Relative Value From Top To Bottom [SocketSite]
∙ Listing: 1083 Hollister (7/4) – $688,000 [MLS]
Comments from Plugged-In Readers
So the seller listed what he thought was low, and kept getting offers for $100K under instead of the bidding war he thought would occur.
So he’s raised his price to 100K above what he wants, in order to allow some hapless buyer, who automatically offers $100K under so that he thinks he’s getting a good deal, to buy the place.
I’m sorry, I just don’t get it. On the listing it says the price is $800K, but the text says “bottom line $700K” Why not just list at 700 and hold firm? Is it just because the seller thinks people like to deal? *scratches head*
You gotta be desperate to use this snake oil salesman trick. He’s probably counting on the decency of the prospective buyers from making offensive low ball offers.
In this location, with this abysmal market for bad nabes, this place shouldn’t even be listed for 600K.
haha – tony – don’t you mean “klassy” with a “k”?
I’m sorry, the seller needs to be punished for this. I agree, in this neighborhood (why do people use “nabe” I freakin hate that) even 600k is a lot. Maybe Socketsite comments can make it into a stalefish, lol.
for those that missed the reference
Funny that most of the previous comments were actually negative, not so much about the house but mostly about the flipper. As tipster says, real estate is theater, so I guess there really is no such thing as bad publicity.
As a sidenote, looks like this place was purchased just over a year ago for $535K. We’ll see how well it does. Wouldn’t be surprised to see it on craigslist in a few months with the header: “Short sale! Instant equity!!”
This “seller” does this with his properties regularly. They sit and sit on the market, then he raises the price.
waiting for the bottom – great link, that’s hilarious. This particular gem has been on the market in one form or another for over 460 days. At one time priced at $540K, it’s now apparently had $160K of value added through the stunning yet readily unapparent remodel.
Seems this guy has like 5 absurdly overpriced houses for sale in Bayview, each of them having been on the market for months now. Hope he knows a good BK attorney…
I hope he does my FAVORITE selling technique:
“seller will entertain offers between $x and $y”
as though they won’t entertain an offer above y, and as though I care if they will be entertained or not by an offer below x!!!!
I don’t know what kind of offers he is entertaining, but he is sure entertaining a lot of SS readers.
maybe there’s an extra $112k in landscaping? That dirt might be new? (and gold laced)
lol – this is all too funny…. I’m almost tempted to go tour one of theses properties to see what Trent Zhu is like in person. I’m guessing he’s a bit of a mess.
Go check out one of his “extra bedrooms”.
Love the bathroom remodel (snicker snicker snork, seller’s lost his cork!)
Love the houses across the street.
“3 car parking (1 in garage & 2 on driveway)”
what is the view? the crack house across the street? that really is classy with a K.
And people who smoke coke in their new downtown condos are so classy with a C.
This place is also listed as a rental on Craigslist.
There are a lot of pre-forclosure properties on the market in bayview. In my opinion, 1017 Jamestown is the best. Built in 1986, 3/3, 1,947 square feet. Sold in 2005 for $750K, on the market for $545K
I viewed the property in 2005 and have more info here:
FYI – I have no affiliation with the brokers for this (or any) property
Looks like the “internet buzz” has worn off. Price lowered on Friday by $100K, back down to $699K.
Comments are closed.