In my immediate area, the sales history is as follows:
Sold 02/X/2006: $610,000 1600 sq ft
Sold 07/X/2006: $644,000 1600 sq ft
Sold 10/X/2006: $512,000 1400 sq ft
Sold 10/X/2006: $482,500 1400 sq ft
Sold 11/X/2006: $485,000 1400 sq ft
The funny thing is that the unit directly connected to the last entry for $485,000 is a 1600 sq ft unit and is currently listed for $669,000. Going to Zillow, you can see that they paid $649,000 for this townhouse. So they are even trying to get their 3% commission back on the sale and trying to break even by selling it for $20,000 more than they paid.
My guess is that they will reject any offer below what they paid ($649,000) because they are already bringing a check to closing at $649,000. What other choice do they have except to reject offers below what they paid?
I can’t believe they haven’t taken it off the market yet, but I’d guess they’ll reduce the price to $649,000 and then give up and take it off the market until next spring when everybody realizes that it’s a good time to buy.
