Ozman,
Actually I know both properties very, very, very well. In fact, the wife of the seller’s for the one sold last year was a very dear friend of my wife. The price they took was about 75K low at the time and they knew it. The agents overpriced the home by at least $100K out of the gate and by the time an offer came in the sellers were so panicked they just wanted out and took a very low offer unecessarily. Their listing agents begged them not to but they did anyway. Had it been listed around $1.125M out of the gate it would have sold far quicker and for more. It was a nice house but on a fairly well traveled street in LCV. That house should definitely have sold for $1.1M last year. I was in this house several times and can assure you that it did not have superior upgrades, did not have a superior location and had an inferior North facing yard.
The house that just sold was on one of the best cul de sac locations in LCV and definitely commanded a premium. That house would have easily sold for $1.125 to $1.15M last year. It had equal or better upgrades, an in ground spa (the other had nothing out back but grass), a cul de sac location and a very desireable southwest facing yard. By my calculations that is about 5% off the top.
The data you brought was fact but without intimate knowledge of the situations it was easy to misinterpret what really happened. Unfortunately, you just lobbed a softball down the middle of my strike zone.
