Oh, boy! The meme that “houses won’t sell” continues…
Here’s what the article says:
La Jolla — 1353 West Muirlands Drive
Original price: $2.95 million
Current listing: $1.9 million–$2.3 million
Though this San Diego–area home has been on the market just over five months, the seller is already taking offers all the way down to $1.9 million — a million less than the original listing.
But despite mountain views and a location that is just a five-minute drive to Windansea Beach, it won’t sell. David Brownlee of Prudential California says there’s just too much good stuff on the market. “There are homes closer to the water for around the same price. This home is on a hill near the beach but does not have the ocean view and beach access,” he says.
Well, miracle of miracles: it sold on May 3, 2010 for $1,550,000 (oh, the horror…selling for “below list price”!).
Here’s the history:
-Sold for $761K in Sept 1998
-Sold for $795K in Oct 1998 (why? flipped?)
-Listed for $1,899,000 in Jan 2009 (because they DESERVE to make $1,104,000 on their house in 11 years, by George! They’ve EARNED it!)
-Delisted Dec 2009 (after almost a year on market)
-Relisted Dec 2009 at $1,900,876 (if it’s not selling, raise the price, of course!)
-Delisted Dec 2009
Sold for $1,550,000 in May 2010 for a profit of $755K in 11 years, and I’m sure they’re whining about how they had to “give it away.”
Lesson:
If your house isn’t selling, try lowering the price. Buyers do not owe sellers a profit on their real estate “investments” (especially when you buy during a credit/housing bubble), so don’t expect them to fund your HELOCed vacations, SUV purchases, or your retirement.
