I last featured the disaster of 825 Berkeley back in January 2009.Previous Purchase: 7/12/06 - $2,000,000
Listing History: 1/8/09 - $2,400,000
Reduced: 02/09/10 - to $2,200,000
Increased: 02/10/10 - to $2,400,000
Thanks to a reader comment, we see that the price was cut recently and then raised right back up the next day. This would be done to try and get attention on a very stale listing. This, in my opinion, is one of the worst sales tactics and will most likely turn off most buyers because buyers don't want to dick around with some underwater sellers who are playing games with their listing price.
This thing has been sitting for over a year now with no price cuts. The price is likely too high by something approaching high 6 figures.
One of the added signs of desperation here is that the listing now has the following language at the end of the description: Owner willing to carry to make this so easy for you!!Let's get creative!
They pretty much have to do this because no bank is going to give you much of a loan on an abandoned remodel that has enjoyed over a year of weathering.
My advice; cut the price down to about $1.5mm, take your lumps and move on. Pretending like you aren't heavily underwater is just going to cause you to bleed holding costs forever.
It's a zombie listing. The seller can't cut the price to market because he'd go BK. Instead he keeps it at this fantasy level for a pile of exposed wood and beams that is rotting by the day. If he had cut to $2.2 from the start and gotten agressive from there, he might have sold around $2. As it is, the market value of this construction project is lower still now. He got greedy, so now he will go BK.
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