Over Asking but No Gain for $9M Ross Estate
November 13, 2015
Purchased for $9.3 million twelve months ago, the eight-bedroom estate on five acres at 12 Canyon Road in Ross returned to the market listed for $8.995 million last month.
And yesterday, the re-sale of the estate closed escrow with a contract price of $9.3 million, officially “over asking” but with no gain in value over the past year. We’ll note that a Redfin agent represented the buyers.
Built in 2006 with a large level lawn, outdoor kitchen, pool, spa and cabana, the home traded hands for $8.75 million in 2011 as well.
Not surprised at the lack of gain since 2014. 2014/2015 are the top of the current cycle IMO.
Am surprised by the small gain since 2006. Are there issues with this house/property?
Is the “note that a Redfin agent represented the buyers” meant to imply something that you didn’t want to explicitly write?
Personally, I love Redfin and hope their model becomes a huge success and reduces transaction costs for the industry. Also, even though I’ve never used their brokerage service, their site is the best I’ve seen at bringing listing information (particularly historical listings) to the general public for free and without having to beg a traditional agent for the data.
I would use Redfin as a buyer’s agent in a second, especially with their commission rebate program. Whether I’d use them to sell a home is another matter.