Condo Pricing - Union Street Prime Unit

Asked by Kristian, Austin, TX Fri Jun 13, 2008

Our unit is on Union Street, at Steiner and is the top-floor, rear unit with a private deck. We have parking and the unit is in prime condition. It is one-bedroom with an office nook that has French doors. We were going to sell in Feb and our Realtor priced the unit at $829. Per the market, we decided to wait. We're ready to give it a go again on Aug 1 and her recco is to keep the price at $829 - when the unit across the hall from us sold for $750k and is 100 ft/sq less in size. Per the 1:1 comp, that should price our unit at $850. Not to mention, we're a rear unit, with a private deck and have better interiors, fit and finish.

My Realtor explains that she is looking for multiple offers via this strategy, but I'm getting the feeling she just wants to unload it fast and move on to the next. thoughts???

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Michael Barr…, Agent, Irvine, CA
Fri Jun 13, 2008
Hi there Kristian. Have you had this discusssion with your realtor? You might want to. You can price where ytou wnat it but it needs to be in alignment especially for Condos on Union Street

Consult withyour realtor , If you are not happy with the situation you should examine your alternatives

Kind Regard
Michael Barron
First Team Real Estate
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Jed Lane, Agent, Petaluma, CA
Fri Jun 13, 2008
First I have to be clear that by answering this question I have no intention of soliciting the listing or to interfer with the agency relationship between you and the agent.
The stragey she is using is the correct one for the San Francisco market. Our market pretty much demands that properties be under priced. It has been my experience, on many occasions, to see no offers on a property till the price is lowered and then multiple offers come in. Some closer to the original asking price then the new lower price and I have seen offers over the original asking price but not until it was lowered.
It may sound strange but it is the way it is. One of the values of a good agent is that they know how the market for your product works. Here is what happens. The buyers know what the value is, in fact it is the buyers that ultimately set the sale price. If it is priced to attract buyers there will be more that see it and probably more that will want it. More buyers bring you the best price.
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