And the professionalism for that matter. I'm ranting about the bank owned sales that are KILLING our market which would be stable if not for these unreasonable listings.
Case in point #1: Seaside Villas Condo- we just closed on a unit last week for $104,000 which was bank-owned and low to begin with (most recent comp before that was $120K). Today another bank owned unit comes on for $84,000! Who's going to break the news to the lovely 80 year couple that closed last week that they just lost $20,000 because of an incompetent system.
Statistics show that our market values have declined by 15% in the last year and these people think it's plummeting at a rate of 20% a week! This is terrible for everyone.
Case in point #2: Preserve condo- Bank owned listed last week 3BR unit for $89K. Cheapest 1 BR available is $88K. Of course there were multiple offers within an hour which may be a hint that it was grossly underpriced.
Case in point #3: Just listed today. A house in Davis Shores for $74,000! That's all I need to say about that one.
My first instinct is to get upset with the listing broker for misrepresenting the value and harming the market along with everyone in the neighborhood. But I will say that I was shocked that when I confronted the agent of the Preserve unit above, I was told that they had recomended a much higher price to the asset management company who demanded it be listed for the ridiculous price of $89K. Obviously they know best.
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