It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.
Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes “seller ready to sell” and offers the “buyer’s agent” a $2,000 bonus for making the sale.
At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.
The list price for 3110 California #2A has since been reduced four times, now asking $948,000 (5 percent under 2004). 3110 California #2B remains available for $849,900.
∙ Comments: While One Is Ready To Sell A Neighbor Seems A Little Less So [SocketSite]
∙ Listing: 3110 California #2A (3/2) 1,270 sqft – $948,000 [Redfin]
∙ Listing: 3110 California #2B (2/2) 1,059 sqft – $849,900 [MLS]
Second week in a row: # of price reductions is more than sales. Not good.
Well, tipster, summer is here. Some lucky realtors are ready to ship the family to Santa Cruz or HMB and don’t want to be bothered in July/August with sleeper listings. Hence reductions as a last resort to unload. Also some sellers moving up or out have the issue of the school year. It might be too late for them already.
By the way, I found out that mid-late summer was the best time to negotiate last year with spring buyers all fulfilled and sellers of decent fixers a bit more skittish. Maybe we’ll see 2010 redux this year.
The list price for 3110 California #2A has been reduced for the fifth time, now asking $922,000 (8 percent under its 2004 purchase price of $1,000,000) versus $1,200,000 (20 percent over 2004) as originally listed in February.
The list price for 3110 California #2A has been reduced for the sixth time, now asking $899,000 (10 percent under its 2004 purchase price of $1,000,000) versus $1,200,000 (20 percent over 2004) as originally listed in February.