[dalsik]

The 2-3 other guys aren’t even in my zip code! My realtor is going to 92141 in addition to 92119 because of the lack of comparables in my neighborhood. Plus I’m having to deal with comps that in less desirable areas/streets/etc. We’ll see if I can grab some of those people who couldn’t afford my original price.

[dalsik]

A question to powayseller about your 10%/5% overpriced rule.

You’ve mentioned that if someone has no showings then they are 10% overpriced, showing and no offers means 5% overpriced, and getting offers means the price is (obviously) just right.

I’ve been somewhat chasing down the bottom-end of the other 2-2 condos in San Carlos/La Mesa for the past 70 days or so. In that time I’ve certainly had a lot of showings — 20+ so far — but zero offers. So taking your rule into account, my $300,000 asking price back in late June should really have been around $285,000.

A couple of weeks ago I went down to $280,000 and got an additional 2 or 3 showings but no offers. Thinking further about your 10%/5% rule I instructed my Realtor earlier this week to get me down near the bottom of the barrel — $269,000. The thing is, there are still 2 or 3 “desperate” sellers listing at $249,000-$255,000.

Do you consider these low-ball types of sellers in your rules? Should I consider going 5% below them? That’d be $225,000? Yikes… over $100,000 of the highs of a couple years ago!

[dalsik]

Thank you to everyone for your responses. You have confirmed for me that it would be prudent and wise to approach my price reduction much more aggressively than before.

I am scheduled to speak with my Realtor later today and will let you all know how we`re going to approach things.

To answer some questions that were asked…

I live in a 34 unit complex with 1 and 2 bdrms. A couple of other 2-2s sold 16-18 months ago. Nothing has been put up for sale since. A 1-1 has been on the market since Feb. A 2-2 across the street has been on the market 3+ months and already reduced a couple of times. My Realtor is having to go into adjoining zip codes to find enough comparables.

I`m not onsidering renting my condo because I do not want to hold on to it for the 5-10 years it might take for the market to start going back up. And I need the money now to pay off my HELOC as well as for living expenses while I reenter the film production biz up in L.A. Yes… leaving San Diego for smogier pastures!

Oh… and I didn’t sell a year ago because my unlicensed contractor took off with some of the money I was using to get the place ready to sell. That pushed my sale date back 4-6 months. And yes, I took him to court, he never showed, I won my judgement, he`s done this many times before, and my next step — should I choose to accept it — would be to trail him and try and collect his wages from another construction job.

I`ll be happy to slander him in private. 🙂

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