Least expensive, most expensive home in a while

October 5th, 2007 · No Comments

With a sales price of only $675,000 ($245/square foot) this is the least expensive of the most expensive homes I’ve featured in while.

7950 E Via Bonita is a 2,751 square foot, 4 bedroom, 3 bath, 2-car garage with a pool on 12,243 square foot lot in Palo Viento 2. This was not a golf course or lake view lot. In fact, the lot backs to Eastwood Lane and kinda backs to Doubletree Ranch Road.

The home first hit the market on October 14, 2006 at $829,000. There were price reductions to $804,000, $785,000, $749,000, $748,000 and $728,000 before the listing agreement was canceled on March 29, 2007.

The home was relisted with a new real estate agent on March 27, 2007(?) at $714,900. From there it was reduced to $698,000 and the last listing price reduction was on June 22, 2007 to $685,000. The final sales price on September 14, 2007 was $675,000.

From $829,000 to $675,000, that’s a pretty big miscalculation on pricing.

I would bet a nickel that the seller did not want to lower the price to compensate for the home’s nearness to Doubletree Ranch Road and Eastwood Lane because those roads didn’t bother the seller in the least, and because homes in Palo Viento 2 that back to the golf course just a block away get over $1,000,000. I’m guessing that clouded their judgment.

If this home backed to the golf course or the lake instead of Eastwood Lane and Doubletree Ranch Road it may have sold for over $1,000,000 as well.

Location, location, location.

Comparing the two marketing efforts

From what I can see in the MLS, I prefer the marketing efforts of the first real estate agent - the one who put in a ton of time and money into marketing the home and who got absolutely zip, zero, nada for his efforts.

It wasn’t because his marketing efforts were bad that the first agent didn’t sell the home. It was because the home was way overpriced.

I can imagine that after so many months of the agent saying the home was overpriced, that the relationship between the agent and seller became frayed and the listing was canceled.

That first agent could have sold the home for the eventual sale price… but the seller wasn’t ready… yet.

The real estate market had to teach the seller for several more months before the seller slowly, very slowly, understood what the market was telling him.