I can tell you absolutely 100% from personal experience that at least in the case of my previous listing, people there are in denial… bigtime denial. In that case my previous client LITERALLY went down with the ship. There were cases when we had offers come in below list and they would not accept them.
These guys on Ivory are a perfect example. Look they have been on the market over 260 days. The bought it for 1.348M and it “appears” that they are sitting on 1.2M in mortgage debt. Yet when they came on the market they listed the home for 1.895. Now they have been chasing the market down. It would not surprise me if they had an offer or two along the way…
My point is that you may consider your offer reasonable but it is likely that the sellers will not. In this subdivision it may be a better strategy to wait for the home to go to foreclosure but hell, shooting in a short sale offer cannot hurt. On listings on Helenite and Citrine, no way the low 700s get a sniff. The last foreclosure on Citrine went for 890k and that closed on 4/2/09. Granted it was the only sale in all of 2009 there and there are 4 other actives. Dennis DeSousa is listing the REO on Citrine right now at 849k. He will have that one in escrow pretty soon.
If you can wait out the decline some more I do feel pricing will come down harder in Baelaras. Could you see 175 ppsf…. I think you may have a few homes there in that range but they will be pretty harsh inside with no landscaping. I don’t see that happening this year though. Perhaps in the winter or next year if unemployment keeps up.
