Pacific Union knows the current market can be difficult and that dynamics change daily. Our Luxury Property Specialists are committed to offering the best support and advice for their clients. Our Specialists have shared a few of their stories of what can happen in today’s market.
The First Offer is The Best Offer. Jimmy Wanninger, JimmyMarin.com
In 2008, we listed a home in Corte Madera for $1,595,00, then reduced to $1,449,000. Seller received an offer of $1,350,000 and did not take the offer. Instead decided to lease for 2 years, which created a loss of $24,000 combined for these 2 years, along with $20,000 in repairs during the lease. The Seller re-listed in 2011 for $1,299,000, spent an additional $10,000 getting the house ready for the market and after a few months, reduced to $1,100,000, then pulled the house off the MLS to lease again. This time taking a $1,750 per month loss. The house now has a debt of just over $1,000,000, so in reality, it is arguably a short sale when it comes back next year.
Strategic Downsize. Linda Tull, PacificUnion.com
This listing started at $1,649,000, in San Rafael, then was reduced over several months to $1,495,000. We received our first offer and the Seller stayed firm at $1,475,000 and the Buyer stayed firm at $1,450,000. Seller finally agreed to $1,450,000. The Seller then found a short sale and not only did they get into escrow on a “screaming deal” price of $750k, but the home was of equal size and comparable quality as their other home. They were able to move in and rent before it closed so they only had to move once. They are very happy now, but during the process they were convinced they were giving away their home. Now they live in a beautiful home in a better location that has paid off.