Wednesday, October 14, 2009
Underpricing reaches a ridiculous new low
This is 9801 Rincon, in Pacoima. It listed today. It's a foreclosure. These pictures hardly do it justice -- it's a historic hacienda-style Spanish, built around a central courtyard, 2500 square feet on a 9469 square foot lot. Probably built in the teens or '20's. Beautiful architectural details, but needs updating. And it's at Osborne and Laurel Canyon, which is not the most desireable neighborhood in the SFV. But still, a very, very special house. How much do you think the sellers are asking? $600k? $500k? Nope: $287,100. Since I have an interested client, I called the listing agent and was told they already had two offers in, were expecting several more, and expected it to go way over this price. They are turning the offers into the bank at the end of the day Friday and I was told, "We're only required to market this for three days." Hence, the low price in order to get lots and lots of activity in a very short time. But jeez, why get so many people excited when you know you could list it much higher and still get lots of offers?