Douglass Mcn…, Home Buyer in Palo Alto, CA

509 Levin Ave - Listed and sold in 1-day?

Asked by Douglass Mcneil, Palo Alto, CA Tue Aug 6, 2013

Says it was listed on August 1st and closed on August 2nd. Was this sold off-market? If yes, why even bother to put it in the MLS?

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Juliana Lee, Agent, Palo Alto, CA
Sun Aug 18, 2013
The Multiple Listing Service information makes it clear that it wasn't listed on the MLS until after it was sold. There are many reasons why a sale is done without the property being listed on the MLS.

Off market sales can skew local home value estimates. It may have been reported to the MLS so that the agent would get more recognition for her efforts to sell the home.

Grant neighborhood of Mountain View home values
Mountain View just sold information

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
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1 vote
Saskia Feain, Agent, Saratoga, CA
Sun Nov 10, 2013
It maybe that it was just put on the MLS for appraisal purposes. Sometimes agents do this if there has a been a sale done off the MLS - private parties selling. It does happen from time to time and to help appraisers or other agents they agree to have the sale posted on the MLS.
0 votes
Dai Vu, Home Buyer, Mountain View, CA
Sat Nov 9, 2013
Sold for ~$1.7M. Not bad 3-4 months of work.
0 votes
Momma Michele, Home Buyer, Mountain View, CA
Tue Oct 22, 2013
Hi Doug -

There is something fishy about 509 Levin Ave.

I went to see the home this weekend and I happen to be there when the former owner (a very elderly woman) as looking at it to see what was done.

I found out that it sold in one day and the realtor "claimed" it was listed on the market. I wonder how the realtors involved in this transaction can live with themselves.

As it turns out, the new owner, Minxue Qian, Intero Real Estate Services, happens to be a realtor and she bought the house below market and the older lady's realtor is friends with the new owner. I don't see how the original realtor could have represented the older lady to get the most amount of money for elder client. Usually when properties are sold quickly, they are sold above market.

I guess this is a perfect example of greed and how the world works on the dark side.
0 votes
Douglass Mcn…, Home Buyer, Palo Alto, CA
Thu Oct 17, 2013
It's back on the market. 2+ months after it sold. Listing at ~$200K above what it sold for in August.

Got wondering...what has been the most impressive house flip that folks have seen -- taking into account turnaround time and $$ gain?
0 votes
, ,
Fri Aug 9, 2013
When I sold real estate, (I jsut do mortgages at this time) I had such a large list of buyers that quite often when I got listings I already had a buyer who wanted it, so I did not put it in the MLS.
So I sold several without putting it on the MLS. Then the MLS wrote me a nasty letter saying I had to put it on the MLS even though I had already sold it.
So from then on that is what I did, I think they just want to have the data in their data base or something. But yes they fine the daylights out of you if you don't do that.
0 votes
Marcy Moyer, Agent, Palo Alto, CA
Tue Aug 6, 2013
Douglass this is another example of an off market listing that may have sold higher if it were exposed to the MLS. There are no stats that I know of that compare off market values to fully marketed properties, but my experience has been that home sold off market tend to sell for less than those on the MLS for comparable properties. So it seems as if there is an advantage for a buyer to find an off market home, which is easier said than done. However, there are very often extenuating circumstances and reasons for a seller to sell off market so it is done.

Marcy Moyer
Keller Williams Realty Palo Alto
BRE 01191194
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0 votes
qiancatherine, Home Buyer, Mountain View, CA
Tue Aug 6, 2013

I bought the house, seller needs to quick sale. I made an offer for quick close.

House needs a lot of work.

Thank you, Catherine
0 votes
Douglass Mcn…, Home Buyer, Palo Alto, CA
Tue Aug 6, 2013
Thanks everyone. I am thinking this might have been sold to a friend or family.

517 Preston (sold in February) is right around the corner and has the identical floor plan. Sold for $1.612M.

So $1.375M for 509 Levin seems like a friends/family discount!
0 votes
Matt Skrabo, Agent, Palo Alto, CA
Tue Aug 6, 2013
Hi Douglass,

My feeling is the home either sold pre-market or off-market but the realtor inputed the data/sales price on the MLS to record the sales price for comp purposes.

Hope this was helpful.

Best regards,
Matt Skrabo
0 votes
Bill Mccord, Agent, San Jose, CA
Tue Aug 6, 2013
This typically is done as an attempt to maintain the integrity of the MLS System. Having this data makes the sale price immediately useful to all of us.
The Agent should be thanked for taking the trouble to do this.
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Terri Vellios, Agent, Campbell, CA
Tue Aug 6, 2013
A seller may have listed FSBO or selling to a friend or family member, and had the agent transact the sale and paperwork. When that takes place, it may be posted as a listing and immediate sale for comparable sales.
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0 votes
Mani Kurian, Agent, Des Plaines, IL
Tue Aug 6, 2013
'Closed' on the second day is highly unusual. Would have had to be a cash deal with title company and attorneys moving at the speed of light!! But 'under contract' by second day is not unusual in today's market. I had the experience of a full price offer being rejected the second day afternoon as the winning offer had already been reeived the same morning!!
0 votes
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