look on the bright side, darn it

I’ve been out showing homes for the past week or so and, for the last couple of days, we’ve been inside the pearly gates of Catalina Foothills Estates 10 and Pima Canyon. Both very desirable, lovely, luxury gated communities here in the Foothills.

But with 22 homes for sale in Pima Canyon and 17 in Cat 10, and none sold since October, even the most giddy optimist amongst us could see that things are not going too well in there, you would think.

But when the listing agent for one of the Pima Canyon homes smiled pertly and pointed out, ‘no sales, but at least prices are holding up in Pima Canyon’ I thought, gee, why didn’t I think of that.

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Comments

[toni]

John, An agent told us all short sales are done with the seller not responsible for any deficiency between the sale price and the loan. The agent said he was an expert in short sales, but sent a wikopedia explanation

We responded that we didn't think there was any boiler-plate short sale deal; sometimes, no deficiency, sometimes, the shortfall paid by seller over time; sometimes, the seller pays a set cash amount; it depends on the seller's financials and the deal ultimately reached. The agent responded that he didn't realize we knew something about short sales.

[John Schneider]

Dan, they want to believe and, as I've heard from more than a few home sellers, they've seen a comp or two that supports their price.
And that's entirely possible, but, I'm guessing, what they haven't seen is the big picture which shows their odds at 1 in 50 or less.

[Dan]

How is it that a seller, who presumably must have some intelligence to be able to ever have afforded a house in Pima County, ends up with a Realtor who is that thick?