SD R
You have no idea what advice was given to him and you are operating outside your area of expertise again. LCV as a market does well this time of year as corporate relo buyers roll into town. You could probably make a good buck chartering a bus from Lindburgh to LCV the 1st week in May each year. Its a secular cycle that is very reliable even in a market like this. Not to say it will create a boom market but a nice home, well prepped for the market and priced competitively has and should do well there this time of year.
The Serbal homes are lousy locations (very busy corner, short sale of home that has struggled to re-sell a few times over the last several years), a couple of much smaller single level homes (both very nice but in tough locations), a short sale of an ugly home that has been on the market over a year and a big 3Br home that is a tough sell. The 850K comp was for a smaller single level by 800 sq ft with a lousy north facing exposure. The nicer location of the single levels on Serbal has already ahd a couple offers at or above 850K. I know the seller. 50% of the market in LCV is short sales and some of the others are just plain tough sales no matter what kind of market we are in. There are LCV buyers that wont wait until a short sale is approved. The last home I listed there had over 800 emails get pushed out by Sandicor the first night it was listed. It is community that people watch closely in this area and aspire to.
He said there were no sales in the past 60 days, so obviously his agent showed him that. He also mentioned the 4 pendings in to 825K to 890K range so his agent showed him those too. I strongly suspect his agent explained the potential appraisal issue to him also. He’s got a good agent who I know is giving him good advice. I think you know him, check it out yourself.
