The Seattle PI has an article today about the lengths sellers are going to, Home sellers trying it all to hook choosy buyers:
Jennifer Nilssen wants to sell her Ballard condominium — fast.
She set her asking price about $20,000 below that of comparable condos in her building. She’s offering to finance 10 percent of the purchase price. She will give the buyer’s agent a 4 percent commission — up from the traditional 3 percent. And she’ll even throw in the furniture.
Interested in Jennifer’s Canal Station flip? Check it out, 5440 Leary Ave NW #215.
And sure enough there is a quote from Leslie Williams:
Leslie Williams, president of Williams Marketing, which works with condo developers, said the prices on her projects have not been cut.
Not true, they have price reduced some units at 5th and Madison.
Popularity: 33% [?]
19 responses so far ↓
1 Matt Gaines // Oct 16, 2007 at 10:55 am
Her neighbors are going to love her for lowering their comps.
2 Seattle Bubble » Blog Archive » News Quickie: Sellers Getting Desperate Out There // Oct 16, 2007 at 11:12 am
[…] Update: Matt Goyer over at Urbnlivn points out a Baghdad Bob-style denial of reality from a condo marketer quoted in the P-I article. “Prices have not been cut.” Wait, yes, they have. […]
3 Cat // Oct 16, 2007 at 12:06 pm
She paid $319,900 on 9/11/2007, and her asking price is $385,000. Good luck …
4 Matt // Oct 16, 2007 at 12:12 pm
So break even is probably around $340 considering she has to pay the other agent 4% and has to pay tax.
5 EconE // Oct 16, 2007 at 12:33 pm
I love how she’s trying to rent the place out for $2500 on the MLS when comps on CL are way less.
I have a feeling she’s gonna own that condo for a loooooooooong time.
Maybe forever.
Canal Station is the new flipper central!
6 jo // Oct 16, 2007 at 12:47 pm
$2500? For a 1 bedroom in Ballard? Insane.
7 jo // Oct 16, 2007 at 12:54 pm
where is she getting the 20k under comps?
here’s a 4th floor, view unit, more sq feet, and priced 1k less
http://www.windermere.com/index.cfm?fuseaction=Listing.ListingDetail&ListingID=18555587
8 JDP // Oct 16, 2007 at 2:47 pm
In your typical market you would have to hold a property for at least two+ years to recoup your investment and selling costs. That is why it usually only makes sense to plan on holding your property for 3-5 yrs. Buying at high prices for anything other than shelter can be very risky. It is kind of funny, we are back into a “normal’ market and you would think it is some kind of crisis. Well it is for some. You make money when you “buy” if you buy right you will be fine, if you bought wrong it could be tough to get out with all of your clothes on.
9 Chris // Oct 17, 2007 at 7:29 am
Great last phrase:
“We all have to really work for our money now.”
??!!!? wow
10 jo // Oct 17, 2007 at 9:49 am
And realtors wonder why there is such disdain for them and such a want for companies such as Redfin!
They’re digging their own grave.
11 nitsuj // Oct 17, 2007 at 9:51 am
“She paid $319,900 on 9/11/2007, and her asking price is $385,000.”
If she really did buy it in September I guess real estate agents ARE as clueless as we give them credit for!
/broad generalizatoin
12 jo // Oct 17, 2007 at 10:00 am
she most likely reserved it over a year ago and closed on it 9/11
13 Matt // Oct 17, 2007 at 10:00 am
Nitsuj, she bought it at presale and closed in September at that price.
14 nitsuj // Oct 17, 2007 at 6:14 pm
AH-HA!
15 faster // Oct 17, 2007 at 7:01 pm
But it’s only seconds away from the Locks!!
The Locks!!!
You can see the rising water, the salmon ladder, and everything! Think of all the time you’ll save when your parents visit. It used to be you had to drive to The Space Needle, Kerry Park, and the Locks, but now…you’re only seconds away from the Locks!!!!
And on those days when you’re really, really bored, you can visit the Locks because they’re only seconds away! I for one don’t think you can really put a price on that.
16 richard // Oct 18, 2007 at 8:39 am
Regardless of whether it was purchased presale, the inventory levels were a lot lower when she signed the contract. Now there are close to a hundred condos for sale within 5 blocks of hers and there will be hundreds more coming on the market over the next year.
Tight inventory supports high prices. Inventory is no longer tight.
17 Chris // Oct 18, 2007 at 8:55 am
As much as I’d like to give her a hard time for being a Realtor® and not understanding basic economics, no one could accurately predict when the market would come apart. the bubble theoerists had been at it for over two years and the market was red hot as ever when she signed the PSA, I’m guessing Spring 2006.
18 Matt // Oct 18, 2007 at 9:47 am
Check this out: http://blog.foreclosure.com/2007/10/12/condo-for-sale-sorta-own-a-piece-of-miami-for-3550/
19 nitsuj // Oct 19, 2007 at 2:03 pm
I don’t think she’s getting a hard time on her market timing, I think it’s more the fact that there are better units for less available in her building. But hey, more power to her, someone may buy it…
Leave a Comment