I fire up my MLS system this morning to see this!!??
A [Malibu] 5/3.5 single story home just closed last evening for $317,922 and while that might sound good or even to some GREAT here is the real truth…My group has recently sold and closed 3 of the same models for $365,000, $415,000 and $417,000! (We are about to close a private sale of a 4th Malibu at $410,000!)
Churn-N-Burn I call them…agents with little regard or SKILL in pricing, negotiating or counseling their sellers. True, the sellers are to blame a bit for allowing what should have sounded like a low figure to be placed on the home but in this case it was a bank owned property. I know what you may be thinking…it was in rough shape…No, it was actually in immediate livable shape! The banks invested in the home to make it so and it could have/should have sold for much more! The asset managers are supposed to verify value! did they?! Where do THEY live?
This isn’t sour grapes…TCREG does a lot of REO work and for those too, the same level of care and concern goes into pricing. For 4-6 months now, when I meet with sellers in this community I am going to have to account for this sale in their value estimates. I am not going to be very popular but I have to be prepared and prepare the sellers for appraisal issues due to the give away price.
TCREG will continue to fight for values in Laguna Isles and everywhere else we work…It’s our duty and we are proud of what we have thus far accomplished…These sales by these agents however, make it very difficult at times.