Colombo, I believe that they waited too long to bring their price down. It wasn’t until May that they dropped their price down to $515,000. The seller (but definitely their realtor!) should have known that a similar home about 1 block away (same # of bed & bath, same floor plan, similar condition) had sold for $515,000, it closed in March.
I wouldn’t be surprised if they got a better offer early on than what they eventually accepted. February and March of this year in my area seemed like a normal active market. But by May, nothing was moving.
No_such_reality, the house that sold for $515,000 in March is the last comp in the area for this type of house, until this latest house at $415,000.
Another house I’ve been tracking went into escrow about 3 weeks ago, I’m looking forward to seeing what their final selling price ends up being. It’s a 4 bed/3 bath, with a pool, that probably would have sold in the mid-$600 range a year ago. The sellers eventually reduced their price to $549,000, then it went into escrow about a month later.
Barnaby33, I would roughly define the San Carlos area as north of interstate 8, east of Del Cerro, south of Mission Gorge Rd., and west of hwy 125. Some portions of the eastern part of San Carlos border on La Mesa. Some nearby landmarks are Cowles Mt., Grossmont College, Lake Murray, and Mission Trails Golf Course. Most of the homes seem to have been built in the 60’s and 70’s.
