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17231 Camino De Montecillo, Fairbanks Ranch (odd seller behavior)User Forum Topic
Submitted by raptorduck on June 5, 2008 - 6:01am
Ok, I know I did not post much about specific properties when I was looking for a house, but I am keeping my eye on properties I have looked at to see what happens to them. 17231 Camino De Montecillo in Fairbanks Ranch was a house I toured, but was not interested in after looking at it. It is a massive 10,000+ house on a lake in Fairbanks Ranch. It even had an elevator. We did not like it because it was not our style, the finishes awkward, and the spaces were isolating and not well thought out. It also felt small, for such a small house. Even the lot felt small. Otherwise, it seemed in decent shape. What made me suspicious at the time was the pattern of asking prices back then. Seller started in the mid $4 million range and had lowerd the price down to about $3.5 million when I looked at it. But in between he had raised the price a few times. Then later he took it off the market, waited a bit and relisted it. The new listing price was in the mid $4 million range again. Then the same pattern of lowering the price to the mid $3 million range and with raising it in there a few times. Then again taking it off the market. Most recently, the same exact pattern. Relisting it in the mid $4 million range, then reducing the price to about $4 million, then increasing it to $4.4M, then reducing it to $3.6M, then increasing it to $4M, then increasing it again to $4.4M. What the H@! is going on here? It looks odd enough when you look at this listing now. Add to that the fact that he has listed it twice before with the same pattern and I looked at this house about a year ago. This does not look like logical, rational seller behaviour, but being that I give sellers the benefit of the doubt and always assume they are smarter than I, this one is so smart, I can not figure out what he is trying to accomplish with his rollercoaster/wheel-of-fortune asking price lotto.
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I meant to say it felt small for such a "large" house. Kinda like 3 houses within a house type of feel, one on each floor. It is 3 stories.
It's happening a lot in CV frankly. Sticky sellers that don't want to budge. Some obviously aren't in a hurry. Some guy on my street for example has been trying to list for the past 1.5 years, and the listing prices keep changing up and down and all around. Still no takers. LOL,but frankly I don't think that person has a problem financially, having 50% in equity.
selfportrait
----- Sour grapes for everyone!
It is about trying to alter buyer psychology. In this market, "all" buyers think the longer they wait the lower the price will go. Some buyers may even have their eyes on a specific property, but as they see the price drops continuously every few weeks or months, they figure the longer they wait, the lower it will get, and finally they will be able to buy it for much less.
This Seller may be fairly smart actually (the first time). Subsequent attempts at the same strategy fall under the category of insanity (trying the same thing over and over and expecting different results).
By creating a huge price drop, the seller piqued the interest of qualified and interested buyers, and then by slowly increasing the price, was hoping to scare the buyers into thinking the price was getting away from them(ie. no longer dropping, but now climbing) and if they didn't act soon, it would keep going higher. In some areas this strategy actually works, apparently for this seller, it has not yet worked.
There is also the annoying strategy some agents have of lowering the price by $1 every few days so it stays active on the MLS listing 'hot sheets' (not bad either, just annoying)
BobS
Poway-seller may have it right.
If so, this is the kind of manipulative, semi-honest person that would be hell to go through escrow with. If I were a buyer, I'd automatically lower my offer to protect myself.
It seems to me the strategy is not working. It has been on the market over a year if you count all the relistings.
The roller price coaster continues. 6 days after raising the price by a lot, seller lowered it by $800k.
Hi Raptor. it's a strategy that is not working. they tried initially at 5.3 a couple of years ago. Odd that the owner - according to some of the listings - is a realtor and doing this. Also interesting a covenant property you mentioned before that tried to flip is now below original the cost, and they had put money into it.
Generally there are 2 categories that we see here. The first is the mentality that you guys have all pointed out here. That is, basically sellers in denial trying a last ditch strategy of going off an on the MLS playing with pricing etc... You never know when a soft pitch will come in the form of a buyer who doesn't do a history on the home for sale... yes that happens every now and then...It is basically pathetic that sellers do this and even worse when agents condone this behavior. What can you do though. As an agent you can say no to the seller and cancel the listing but your broker may not be happy with you losing the listing.
The other category is a short sale where the lender denied an offer at list price and did thier own BPO that is higher so that the listing agent has no choice but to raise the price.
SD Realtor
I have noticed "poway seller" posting.
Is this the same person of a year ago on this blog,who started her own blog?
It is not her, just someone using that old name.
SD Realtor
The ghost of yesterday's past.
poway_seller do you post on the other Poway's blog?
Why would you take a similar monika?
We have esteemed posters SD Realtor and sdrealtor.I look forward to their posts. ET TU?
poway_seller do you post on the other Poway's blog?
Why would you take a similar monika?
We have esteemed posters SD Realtor and sdrealtor.I look forward to their posts. ET TU?
By the way the site is sloooow
It's not actually a 'strategy' per se, the seller is merely waffling between panic and greed. They panic and lower the price, then they 2nd guess themselves and are afraid of giving their precious home away and raise the price. A few weeks later they hear some bad news about housing and panic again... Lather, rinse, repeat..