Bait

bait

In the last month or so there has been several listings that have arrived on the local scene that are so agressively priced that the only word I can think of to describe them is bait. The interesting thing about these listings is that they are proving that there is indeed a bottom to the market as droves of people are looking at and responding too these places. I mentioned one a couple of weeks ago on E 40th that got 21 offers and was listed at $560,000. Last week another house came on the market at 636 Amesbury in the Sunnybrea neighborhood of San Mateo and was listed at $499,000. It’s a funky little 3 bedroom, 2 bath house that needed alot of work…but look at that kitchen! The seller appeared to have gotten about 3/4 through a remodel when they ran out of money. The house is a short sale. None of that mattered, when I went over to show the house you would have thought they were giving money away at that location. It was a mob! Hilarious! Even as a short sale I hear they got at least 10 offers on Sunday when they reviewed them.

Right now there’s another one of these gems in Foster City at 813 Peary in Winston Village listed for $499,000. It’s a 3 bedroom, 1.5 bath townhouse priced about the same as the 2 bedroom condos at Marina Point. Plus the Association dues at Peary are $245.00 a month versus $482.00 at Marina Point. I was over there about an hour after it hit the MLS the other day. The lockbox hadn’t been put on yet and there were several agents there trying to get in just like I was. It’s not a short sale. They’re looking at offers on Thursday…expect a feeding frenzy. The listing agent is courageously offering to listen to all offer presentations herself at the property. I may have an offer myself but if I don’t I’m tempted to drive over there and watch the fireworks. It should be fun and interesting.

Comments

  1. What is the fair price for 813 Peary? Any predictions on the final sell price?

  2. Jim Minkey says:

    All I can tell you Yan is the same thing I would tell my own clients in this situation (and by the way…they are not writing!). A fair price is whatever you’re ultimately comforatable with. Try to decide what your max is and follow very closely how many other offers there are. I wouldn’t write the price on the contract itself until I knew for sure how many competitors there are. Your offer will be different if there are 3 offers as opposed to 10. Wait until the last minute, have your agent call you and then decide…having already established what your willing to spend at each level of competition. Make sense?

    I wouldn’t even guess about the final price. Sorry

  3. I see that a lot on short sales, listing prices that make absolutely no sense. The agent puts a price that is so far off market value. Now comes the hard part trying to explain this to my clients, well its listed for X why do we need to offer Y. We the appraiser from the bank will come out and appraiser the property before the banks approves the sale. Remember the bank only approved the short sale, they did not approve the listed or so called listed price.

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