As we wrote in March of 2009:
Originally listed as a Watermark resale for $1,585,000 [in July 2008], from a listing later [that year]: “Views Galore 501 Beale #14D Offered at $1,499,000 Extraordinary price reduction!”
From a listing after that: “Buyers and Agents, now is the time to take advantage of this price!” Asking $1,399,000 at the time.
From the listing [in March 2009]: “Great Opportunity!! Take advantage of HUGE PRICE REDUCTIONs and 1 yr. HOA concession. Motivated sellers!!” Now asking $1,365,000.
And from public records: purchased for $1,303,500 in September of 2006 (not including any incentives). Cognitive listing dissonance (TM) is the first thing that comes to mind.
Last week the short sale of 501 Beale #14D closed escrow with a reported contract price of $932,150. That’s 28.5 percent or $371,350 under its purchase price in 2006 (and 33 percent under the “Great Opportunity!!” asking price in 2009).
∙ Cognitive Listing Dissonance At The Watermark (501 Beale #14D) [SocketSite]