4700 N Camino Sumo in Cat 10, on the market for 1 year, sold today for, could it be, $616,700 ($157/sf) off an $890,000 list price. This is big.
Listed last January for $1,050,000, it had just 2 price cuts, to $995,000 and to $890,000 and held tight until they couldn’t hold anymore and caved-in to a $616,700 offer.
In December I represented the buyers of a house in Cat 10 that was originally listed, 2 years earlier, at $1,750,000 and sold for $995,000 ($168/sf). The lowest $/sf price in eons. When it closed I called it a mixed blessing for Cat 10, good that something sold in there, but not so good, for sellers anyway, that it sold for $168/sf, There’s no getting around it, I said, the price bar has been lowered …
And now it’s been lowered again. That’s the obvious flaw in sellers boasting, and you hear it all the time, Oh, we can wait (to get our price)
Oh Yeah. In a market that’s going down, and this one sure is, guess what, the longer you wait the lower prices go. And if a couple of your neighbors wake up to reality one day and get tired of waiting, like these two did, you’re really up the creek.
Sales data for Cat 10, last 6 months
4 sold - $587,500 to $995,000
Average/median & $/sf sold $$ - $738,550/$685,850 @ $197/sf
vs.
For Sale data for Cat 10
18 for sale - $729,000 to $2,650,000
Average/median & $/sf list $$ - $1,625,278/$1,499,500 @ $323/sf
So, should that house listed at $1.8 @ $394/sf be lucky enough to find a buyer, the appraiser is going to have to get pretty creative to make the numbers work. And from what I hear, these days, creativity is not an option for appraisers who want keep on being appraisers.
And no, it wasn’t a short sale or foreclosure.
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