Previous Purchase: 8/15/08 - $1,607,000
Listing History: 11/4/11 - $1,425,000
Reduced down to - $1,389,000
This price reduction brings the rollback from 11.3% to a little over 13.5%. I think it is too little too late. As I said in my last post, this is a lovely house but in a bit of a challenged location due to busy 11th street and they are asking too much relative to what they paid in 2008. This pricing strategy has hurt them as the listing is now stale and buyers know they are being unrealistic. Despite my optimism on the market, overpriced stuff is going to just sit and sit. If you don't get serious interest in the first week or two of your listing, you need to cut the price. These people waited way too long and didn't cut by enough.
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