What's that? We have a few examples locally of homes selling for 33% less than the asking price -
one that started at $1,500,000 then went to $1,350,000 and sold for $900,000 ...
another that was listed at $1,250,000 and sold for $850,000 ...
while others sell at 98% or even 100% of asking price. It's all in how well the property is priced.
The Wall St Journal had an article today on the handful of most expensive homes being marketed in the US. One of them in Los Angeles, the Hearst estate, is offered at $165,000,000. WSJ reported that "Los Angeles brokers are unanimous in their opinion that the Hearst estate is overpriced - by some accounts by as much as $100 million." If that's true - it's REALLY overpriced!
if will be interesting if they have a 90 or 100 million dollar reduction. I dont think we have ever topped 100 million down here in Austin for a residential property.
Ki - I wouldn't expect that reduction! Austin has some great properties - and compared to these prices, they're bargains.
Carole - of course! And I think we should be glad IF it's that overpriced, that we're not paying for the marketing.
Melina - you're so right!
Linda - if you can't think big, you'll never get there. I wouldn't make it an immediate goal, obviously. But you might keep setting small goals that raise your average or record price.
Kevin - yes, there's really something about the wonderful older homes - they acquire a patina that's hard to duplicate. I grew up in Newport, RI, surrounded by the mansions along Ocean Drive. They do set a standard.