Personally I think that the price needs to be under $500k. Here’s my reasoning:
A few minutes on Redfin shows three nearby sales between 1750 and 2250 sf in the last six months:
– 9712 Paseo Montril, $460k, $224/sf, 4/2.5, short sale, pool, bigger lot, looks nice inside
– 12716 Cijon, $465k, $225/sf, 4/2.5, lot was OK but nothing special, pretty plain inside, went pending in a few days and closed in a month
– 12707 Cijon, $500k, $266/sf, 3/2.5, clean inside with mostly white walls, lot had some views in the back, went pending in 7 days and closed in a month
The house in question is 4/2.5 on a corner lot, no views, no pool, nice but very fussy inside. I’m guessing 12707 Cijon got a premium for the view. It’s not a great view, but it’s something. The other two comps establish a $225/sf price point which would put this house at about $482k. It’s got nothing to move it up from that price like a big lot, a view, etc.
Very important: both of the equity sale comps went pending in a couple of days. Clearly buyers saw value.
For the house in question, the original price of $599k was crazy high (sorry if the owners are reading this). The $550k price ($257/sf) is still too high compared to the comps. Also add in that things have slowed down some, it’s competing with more and more inventory, and that the listing is stale.
And the market is clearly saying all of this based on the 109 days that it’s been on the market. Buyers are not seeing the value and taking a pass.
Those are my thoughts. Again, sorry if I offended anyone.
