April 13, 2008
Elephants to Ants: Price Reductions Big and Small
Fortunately, real estate prices are still coming down in San Diego. With that said, some price reductions seem to be more of a sales gimmick than an incentive to buy. Itty bitty take aways with no real reflection of a home’s true value are annoying and silly. Good chunky reductions are much more appealing, especially when they bring a property down below its market value. Here are some recent price reductions that will irk and excite you.
Reduced $5,000 - 4857 Vista Street. 1933 single family home with three beds, 2.5 baths. 1,775 square feet priced at $492 per square foot. Was asking $879,000, now $874,000. Last sold for $800,000 on June 12, 2005. It’s Zestimate is $696,500 and eppraisal is $742,274. On Redfin 107 days.
Reduced $4,900 - 3634 Plumosa Way. 1932 single family home with four beds, three baths. 2,355 square feet priced at $501 per square foot. Was asking $1,183,900, now $1,179,000 (nine price reductions since 12/17/07). Last sold for $600,000 on June 22, 2000. It’s Zestimate is $1,099,000 and cyberhomes valuation is $957,278. On Redfin 118 days.
Reduced $100,000 - 3008 James. 1924 single family home with four beds, 2.75 baths. 3,908 square feet, priced at $320 per square foot. Was asking $1,250,000, now $1,250,000. Last sold for $509,000 on December 30, 1999. It’s Zestimate is $1,351,000 and eppraisal is $1,151,674. On Redfin 33 days.
Reduced $15,000 - 4474 Polk Avenue. 1924 single family home with two beds, one bath. 623 square feet priced at $278 per square foot. Was asking $188,000, now $173,000. Last sold for $339,000 on December 9, 2004. It’s Zestimate is $383,500 and cyberhomes valuation is $319,671. On Redfin 86 days.
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