example of weekly price lowering

[mrquoi]

Since I walk through the complex on my morning walk, I thogh I’d look up prices for the Cortina condos at the very eastern end of Mira Mesa. All the condos are pretty much exactly alike, but the price ranges are from $399K to $480K.

One listing stood out (the $399K) because it looks like the seller (doing a short sale) is lowering it $5K every week.

MLS #: 066067892
Price Reduced: 08/11/06 — $429,000 to $424,000
Price Reduced: 08/19/06 — $424,000 to $419,000
Price Reduced: 08/25/06 — $419,000 to $415,000
Price Reduced: 09/05/06 — $415,000 to $410,000
Price Increased: 09/09/06 — $410,000 to $415,000
Price Reduced: 09/20/06 — $415,000 to $405,000
Price Reduced: 09/22/06 — $405,000 to $399,900

So, I was wondering if people are running across more of this kind of steady price-dropping. It’s probably the best way to get anything sold these days — particularly condos.

[Carlsbadliving]

Talk about chasing down the market. Why don’t they just lower it $1,000/day.

Wow, think about that…. $1,000 a day, gone…..

[sdcellar]

I’ll defer to the realtors on this, but I think dropping your price in a consistent manner like this is a bad idea.

If I were interested in the place, why wouldn’t I just wait another week (and another, and another…)

[barnaby33]

Maisel Presley had a promotion where they were doing that for one of their condo conversions. I wasn’t able to locate which one on their website though.

Josh

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