April 15, 2008
The $6,000 Chair: Seller Knows Best?
This is the Messier Momma chair and the sellers are asking $6,000 (a piece). I think I’ve seen something similar at Ikea for significantly less than that, or at the very least I’m certain I could find a pretty good copy at a much more reasonable price. Now, this chair is really wonderful, I admit, but $6,000 worth of wonderful? It has a great name and an endearing story behind its invention. I like the name a lot, after all, I am a messier momma. And the designer (Messier) made this special rocker for his pregnant wife just before the birth of their first child. Still, much as I love all that, and assuming I had that kind of money to throw around, I wouldn’t do it. I bet you wouldn’t either. It just doesn’t make any sense. I figure the market value of this cool contraption is around $150.00, so why pay more when you don’t have to? Same goes for real estate, if a seller is asking an astronomical amount for something of lesser value (even if you love it oh so much) that doesn’t mean you should or would pay that price just because.
3035 Nile Street - This North Park home’s Zestimate is $475,000, eppraisal is $506,837 and cyberhomes valuation is $602,970. It last sold for $549,000 on June 24, 2004. Seller is asking $685,000 ($571 per square foot). On Redfin 156 days.
3812 Park Blvd. #501 - This Hillcrest condo’s Zestimate is $314,000, eppraisal is $340,382 and cyberhomes valuation is $400,851. It last sold for $406,000 on October 27, 2006. Seller is asking $445,000 ($543 per square foot). On Redfin 91 days.
1756 Cable Street - This Ocean Beach home’s Zestimate is $443,000, eppraisal is $512,343 and cyberhomes valuation is $435,600. It last sold for $445,000 on December 24, 2003. Seller is asking $590,000 ($806 per square foot). On Redfin 163 days.
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Elephants to Ants: Price Reductions Big and Small
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High Brow, Low Brow - Ocean Beach
