Mike, your email went into my spam folder. I will remove the comment about offers over listing, although I'm sure you did get offers over listing. That's all. I think you should thank me -- that post has gotten lots and lots of site vists, and I suggested that any buyers bring their A+ game and not mess around with making lowball offers. It may turn out that your prevailing buyer took my advice, which is to the benefit of your sellers. Further, my listing two doors away closed at $480k just a little over six months ago and I stand by my estimate of the value of this listing.
Judy Graff
-----Original Message-----
From: Mike Babakhanyan <soldbymikeb@gmail.com>
To: Info@JudyGraff.com
Sent: Wed, Nov 10, 2010 11:47 am
Subject: Your Blog on my Listing
Thank you,
From: Mike Babakhanyan <soldbymikeb@gmail.com>
To: Info@JudyGraff.com
Sent: Wed, Nov 10, 2010 11:47 am
Subject: Your Blog on my Listing
Judy,
I read your blog regarding my listing on 1435 N. Pass Ave.
1435 N. Pass, Burbank: real price or auction price?
You certainly have the right to express your opinion when blogging, but you have information that is misleading and I want you to remove certain comments immediately.
1. I never informed you anything about the prices of our offers. You asked if I have multiple offers and I said YES. I never said anything about the offers being over asking price.
2. You are commenting that the price of the home will sell between $460k-$480k. Today’s comps don’t justify a sales price that high. You are misleading and I need you to remove that.
My office is ready to file a complaint at the Professional Standard Hearing Board if the corrections are not made.
Thank you,
Mike Babakhanyan
Prudential California Realty
Prudential California Realty
There are several ways to determine value, rather than argument - comps are one manner, but are arguably the poorest (at least when the market is not appreciating steadily), as they are subject to emotional manipulation, and with prices falling, are immediately out of date (in terms of risk).
ReplyDeleteBuyers should first look to rents. If this house rents for ~$2,200/month you, an an argument could be made for the $460M-$480M price. I assume you will provide your prospects with comparable rental stats?
Secondly, look to a valid index that compares same sale to same sale, such as Case-Shiller. For that, see my comment on the original post.
It's not a time for buyers to be making emotional purchases without the facts.
BTW - I would not touch this at the higher range mentioned unless comparable rent is at least $2,500 - $2,800/month.
ReplyDeleteThat said - best of luck to everyone!
why am i sensing bitterness in here? looks like someone is upset on a very high level for not getting this listing and therefore posting misleading information and even email conversations online..that is just not professional. This agent must understand that if she has been in business long enough (which I hope she is) she knows just like any other experienced agent like myself who has been in business since 1973 that market changes daily! Just because she sold something similar over 6 months ago at $480 doesn't mean that the same house would sell for the same amount today! Comps are out there, appraisal comes in the end to determine final value. Now imagine if this agent convinced the sellers to accept an offer for $460-$480K then the appraisal came down to $410-$420..How would that make her look? Someone who doesn't know what they are talking about. Now my advice to buyers is - don't base your opinion on 1-2 agent's blogs that represents ONLY their personal opinion about value. Do your own research, consult with your agent and let your agent help you make the best decision for yourself. That's what you hired them for right?
ReplyDeletetbgpalisades, I welcome your reasoned approach to the question of value although I don't agree with your conclusion. I hope you'll keep visiting this blog and engaging in an active dialogue, however!
ReplyDeleteJaredWest, sorry, but by no statistical measure, on non-statistical measure, have prices in Burbank dropped 17% in less than a year for a nice 3+2! I'd love it if they did -- I'd have many more buyer clients and would be too busy to post here. And I think you missed my point. My original post on this was very complimentary on the house and was much to the benefit of the sellers, and also offered my advice to buyers. Potential buyers can take it or not.