Let's say you fall desperately in love with this totally awesome girl.... and following the proper development of your relationship, ya'll decide to get married. Off you go to Genesis Diamonds to select THE ring. Money is no object. Your love and passion for this dreamgirl is endless. There are two diamonds in the case. Both are 2 carat diamonds. One is priced at $20,000.00. The other is $12,000.00. Which do you choose? Your salesman opens up a new bag of tricks offering that "cut", "clarity", and "color" make each stone worth its individual price. You say.....but why??? He says that a particular cut calls for far more skill, time, effort, and professionalism to pull off. She says.....WOW!...and you call foul..... He says that a canary yellow stone is a very rare stone and that makes it far more valuable....She says WOW! and you say....so what??.....He says that clarity proves that the stone is pure and has no imperfections...she says WOW! and you say....B.S.!! Who's right? Who's wrong? What do you do here? Justin, how much do you really love this chick, anyway??
Same way with a home......
Helping my clients make purchase decisions is just that way....what IS it truly worth to them? Some buyers' love junkers...(it means they get to spend their time, money, and emotions, fixing up a place and making it theirs)....Other buyers fly in from CA and demand virtual perfection, the finest of everything! Hmmm....lets say these two homes sit side by side.......one is priced at $1.5mil and the other $300k..... (and Green Hills is famous for this)....Who determines true value? What is true value? Bottom line is that only THAT seller and THAT buyer, on THAT particular day in question set value, by drawing up a contract they both agree to. Justin, as a realtor, I don't sell anything....all I do is manage conflict....or the potential for it.....
I help buyers and sellers decide what it is that provide joy in their life and then its up to me to help them get there...and yes, I get paid very well for doing that. I wish the bucket of diamonds (homes) in Green Hills was more standardized in size, quality, and fit and finish. Its not. Thats why I have a job....and its not often easy. Justin, Beware the "standardization" of value in a neighborhood of this quality...and when you move from here....and go to a similar neighborhood (example; Buckhead in Atlanta, Ga.) those will also be tough to "value". There just ain't no such thing. Dont allow anyone to tell you that, they will be off
Now, if you go to a neighborhood where all the homes are built by the same builder and offer basically the same amenities....that is a different story......lets tip our hat to the Stepford Wives! Its far easier! Am I making sense ?
How's your resident doofus doing?
From 3/1/2008 through current...
Residential single family
315 Homes are currently in competition to sell
65 Homes have seen a successful closing.
Sellers have received 95.1% of their asking price.
37 Homes are currently pending sale (which means all contigencies have be removed and there's a ~90% chance they will see successful close)
22 Homes have failed to sell and have expired
88 Homes have failed or had sellers change their mind and have withdrawn
210 Homes are currently in competition to sell
69 Homes have seen a successful closing.
Sellers have received 97.5% of their asking price.
33 Homes are currently pending sale (which means all contigencies have be removed and there's a ~90% chance they will see successful close)
43 Homes have failed to sell and have expired
66 Homes have failed or had sellers change their mind and have withdrawn
If Mr. Condurelis has been selling real estate for 30 years in Green Hills and all he can give you is execuses for why he doesn't know the hard data, I really feel sorry for anyone who is represented by him. He probably thinks it was a great time a year ago to buy condos downtown or something like that. And don't give me that "its all situational to the buyer". Mr. Condurelis, I don't know you and I am sure you are a nice guy but you are not helping potential buyers and sellers on this website giving general useless advice. You give it out freely because its not worth very much if you ask me.
In condo sales, same parameters, there were 16 closings. Sellers received 94.9% of their asking price with an average 85 days on market. Prices ranged from $179,900/$173,000 to $274,000/$274,000 to $599,900/$585,000.
So to answer your question directly, based on MLS statistics, between the dates of 4/1/2008 and 5/1/2008, single residence sellers are discounting their price an average of 3%, while condo seller are seeing successful closings at 5.1% of their desired price.
I hope this helps!