The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: ild who wrote (21998)	7/7/2004 12:08:23 AM
From: Elroy Jetson	Read Replies (2) of 306849

I think you did very well on your recent condo sale. I previously posted about a dinner I went to on Friday at a newly purchased condo in Beverly Hills. Message 20278885 They had previously listed their prior condo, located on Franklin in Hollywood, at $675k, close to previous comparable sales. They had reduced their asking price to $645k, and had planned to reduce it today to $615k. Instead they reduced their asking price to $585k and in a move that surprised me, today they accepted an offer of $500k. The only offer they have received in the two months it has been on the market. I would have been tempted to reduce the price again and try for $535k rather than accept a 15% reduction below my asking price. But, with advice from their Mother who is an experienced real estate investor, they accepted the offer because they said they saw the market weakening very quickly with virtually no buyers. Quite a surprise to see $500k when there were two prior sales three months ago for more than $650k.

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