"Now You See it . . . Now You Don't"
In a post last month, I posed the question, "Did the Seller Leave Money on the Table? Four Ways to Tell."
That post came to mind as I scanned the particulars of 2900 Chowen Ave. South, which came on MLS this afternoon -- I'm not kidding -- as "Active" at 1:45 p.m.; was switched to "Pending" at 1:47 p.m.; then was switched from "Pending" to "Closed" at 1:49 p.m.
Total elapsed time?
Four minutes.
Sale Postmortem
Well, at least other Buyers (and their agents) had a "heads up" that 2900 Chowen was coming on the market, right?
Wrong.
I can only speak for myself -- but I live 2 blocks away, have sold over a dozen properties worth $6 million-plus within a mile, and have an extensive local network of contacts.
And I didn't hear a peep.
OK, so at least the Seller got a good price, right?
Draw your own conclusion, but the asking price was $200,000, and the selling price was $150,000. (As a percentage of market time, that just might be the world's biggest price reduction --ever.)
That compares with a tax assessed value for just the land of $196,700.
Oh . . . and a couple doors down, the lot at 2822 Chowen is now "Pending." List price: $285k -- for a lot that is 21% smaller than 2900 Chowen (6,050 square feet vs. 7,623).
Single Agent Dual Agency: Exhibit A
OK, well at least the Seller's agent negotiated hard for them, right?
Hard to say, because the Seller's agent . . . . was also the Buyer's agent.
Called "single agent dual agency," such deals are notorious for conflicts of interest.
If you're keeping track, that's 4-for-4 on my "four ways to tell" if the Seller left money on the table.
As I say . . . draw your own conclusions.
P.S.: So guess what 2900 Chowen is worth according to Zillow? (Called a "zestimate")
Give up?
Try, $406k.
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