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Puzzling home listing of the week
June 24th, 2009, 5:00 am · 8 Comments · posted by Erika Chavez, Staff Writer
We just handed out another Listy Award last Friday, in recognition of the bold listing agent who promised increased property values every year.
(To recap: a Listy recognizes home listings that go above and beyond to amuse, shock, puzzle or just plain catch your eye.)
But when we saw this listing on the Irvine Housing Blog, we couldn’t pass it by without some sort of recognition.
The for-sale-by-owner home at 12 Lorenzo in Irvine’s Westpark neighborhood was first listed in February for $795,000. Six weeks passed with no takers, so the owners decided to…raise the asking price by $705,000.
Am I the only one who is completely baffled by this move? What could the owners possibly be thinking?
At an asking price of $1.5 million, the sellers expect a buyer to pay $624 per square foot for this 4-bedroom home. Built in 1987, the home is 200 yards from Culverdale Elementary and…that’s all we know. That is the sum total of the property description provided by the homeowners. There are also no photos of the home’s interior.
Zillow estimates the home’s value at $785,000. So it looks like the original asking price was much closer to reality…
So for their unabashed (and clearly outdated) belief in the value of their home, we salute the owners of this home with the third-ever Listy Award!
What do you think? Are the owners trying to create an artificial sense of demand, or are they genuinely convinced their home is worth $1.5 million? Have you seen any equally puzzling home price increases during a time when price reductions are the norm? Please share…
Related links:
Irvine home price reductions abound in May
Audacious home listing of the week
Enthusiastic home listing of the week
New Home Smackdown: Irvine vs. Fullerton
New Home Smackdown: irvine vs. North Tustin
8 Comments
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Most likely some pea brain realtor convinced the owners it was worth over a million. Or, the homeowners themselves are in the real estate business. My guess most likely is that it’s on the brink of facing a foreclosure.
If they are in fact realtors themselves, they start each day with a daily grace of:
Realtor, Realtor on the wall
Who’s the biggest crook of them all
Why I am the biggest crook of them all, I’m a realtor.
No realtor. It’s FSBO.
Maybe it’s a typo.
Thats what I was thinking. They probably wanted to drop it TO $705,000, not raise it by that amount.
No, it appears to be intentional. The owners raised the price to $1.5 million, delisted it for a bit, then relisted the home for sale at the same $1.5 million price.
1.5 mil for that, I live a block away and I dont think most of us could afford to rebuy our own homes even at 600k so either we correct or hope we can attract and support 700k - 1mil household formation.
I dont think a bank would do 1.5 so you better have serious cash and if you had that kind of cash why would you buy a house like this in a area with mostly normal hardworking folks.
Could we support 700k - 1mil household formation going forward…
mind games people
wait till the appraisal comes in and slaps that bologne wish price around
put down the bong
In the O.C. There is always a full supply of idiots that just took over the power of signature of their parents after their first heart attack and sold all their possessions and put them into a cheap nursing home. GREED is the O.C. Way !!!!!