Initially I called this post “Exclamation of true market condition”
now it’s called “Things aren’t always what they seem to be”
$210,200 OVER asking and my client STILL didn’t get the property!!! Market slow down?!? I think not people.
See Generic Post Below
List price was $599,800. My opinion of value was $755,000 so it really sold at about $55k over market value.
Now, AFTER LOOKING at MLS Listing, Uncle Bob says —
Reply from Uncle Bob (unsolicited)
Nevermind $$ relative to asking price – think %’s. Many homes (esp the holding offers for a few days) are strategically-priced ie PURPOSELY 5-10% under the “bare-minimum expectation of owner AND L.Agent. Notwithstanding that comment $141K or $160K on ~$750K list price home is STILL a huge % over-list.
A second home sale example from same original poster introduced the details on another recent property with an even more egregious list -to-sale ratio (list $599,800, sold $810,000)
As mentioned before (Location. Location location) has been superseded by Location, Demographics & Time (CCIM course) to which I add the expand-er “the thoughtful buyer’s anticipation of gentrification, transit improvements, uniqueness and irreplaceability of certain homes/bldgs (i.e. unique homes are cheap at any price, nevermind an extra 10% from “accurate, current day value)” AND the silent and deadly price-enhancer – inflation.
Yes, the central banks are devaluing currencies (beggar thy neighbour it’s called) and tangible assets are the only things that hold value in inflationary periods (and you can LIVE in real estate – or rent it for current income). This flight to quality AND actual tangible assets (real property partic. as per abovementioned) once the impact of the last several years of speculation in/with (borrowed) Central Bank gov’t Gold reserves “ReHypothecation”http://wp.me/p46Qi5-1J