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What a Difference a Year Makes

SHELLY avatar
SHELLYSoWal Insider
2,290 views
What a Difference a Year Makes.......... :blink:

JULY 2005

Within a month of putting her 2-bedroom house in San Francisco on the market recently, homeowner Linda Gao had five offers, each one above her asking price of $699,000. So before accepting the most- attractive bid, she threw in an extra condition: If you want to buy my house, you have to feed the squirrels. Two weeks later, she and the buyer hammered out a contract that included feeding the backyard wildlife.
In this booming real-estate market, prospective home buyers are encountering some unorthodox requests. As sellers are barraged by eager bidders, they're seeking not only the highest price or wrangling over who'll pick up taxes and closing costs -- but some also are asking to stay in the house months after the deal closes, or requesting fixtures that typically stay with the property, such as refrigerators and diving boards.
"As a buyer you have no leverage in this market," said Bruce Ross Bernor, an agent in San Francisco. "You have to bite your tongue and go along with it."
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Fast Forward??????..JUNE 2006

In one Loudoun subdivision, Tom Green, a 47-year-old airline pilot, put his five-bedroom house on the market six months ago for $1 million so he and his wife could downsize to a $592,000 townhouse nearby. But his home had to compete with 38 others for sale in the neighborhood with four or more bedrooms. His 5,600-square-foot, five-bedroom house, which he bought new for $515,000 in 2000, didn't get a nibble for months. Finally, a relocating California family agreed to buy it if the Greens would leave behind their high-definition TV and a life-size Spiderman statue that had been a gift from Mr. Green's sister -- plus slash the price to $820,000. (They also had to throw in a cookie jar with "Biscuit" -- coincidentally, the name of the buyers' dog -- written on the side).
"Sellers are dying out there," says local real-estate broker Michele Stash.
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(End of article for the Jun 2005 story:

Indeed, when Susan Butler was negotiating to buy Gao's San Francisco property, she was resigned to the feeding schedule. "At that point, I said, 'Yeah, what the hell, I'll feed the squirrels,' " she said. She signed a contract in April, paying $815,000 -- or $116,000 over the asking price. Will Butler actually feed her new furry friends? "Probably not," said the college administrator. "I don't want to encourage other rodents."
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(A joke about being "nuts" is just too easy :cool: )

Replies

11
Mango avatar
MangoSoWal Insider
#2
What a Difference a Year Makes.......... :blink:

JULY 2005


A life sized Spiderman? :lolabove: wonder what his wife did with that? 😱
Kurt avatar
KurtAdmin
#3
Does anyone find it sad that fear and greed is the reason to write (and post) a story? Sad seller who is disappointed with his $305,000 profit and sad buyer who wants his stupid statue and cookie jar. :roll:
aquaticbiology avatar
aquaticbiologyfishlips
#4
fear+greed=Apple, Inc, according to my tax accountant - marketing strategy based entirely on fear, and the nerve to charge extra for it - sounds more like St Joe!
Bob avatar
BobSoWal Insider
#5
Agreed. Should we judge the current real estate market bad, if a seller lowers his/hers asking price from 400k to 250k, on property which was purchased 7 years ago for 29k, in order to effect a sale?
SHELLY avatar
SHELLYSoWal InsiderAuthor
#6
Agreed. Should we judge the current real estate market bad, if a seller lowers his/hers asking price from 400k to 250k, on property which was purchased 7 years ago for 29k, in order to effect a sale?

....it depends. It could be viewed as a "bad" real estate market by the seller who doesn't believe that is what he must do (drop price by 150K) in order to move the property.
Pirate avatar
PirateBeach Fanatic
#7
What about the seller that paid 350k last year?
JellyfishBeach Lover
#8
FWIW, I just hired a guy that moved here from SF- put his house on the market (after much consultation and research with Realtors) for 1.2M last week. Had numerous offers in first weeked, sold for 100K over asking price. And before someone says this, no, it was not priced way too low, was priced fairly. Realtor thinks it was due to 1) not much for sale in his area, which is very desireable 2) believe it or not, 1.2 M is entry point home for SF.
Buckhead RickBeach Lover
#9
A month ago Barrons mag. had a front page that said "Dow to 1200" a few days latter we started the slide of close to 10%,
Two weeks ago their front page said "real estate is dead" Lets hope they are wrong again!
Bob avatar
BobSoWal Insider
#10
What about the seller that paid 350k last year?
350k is an awful lot to carry for the long term, compared to what was available just a few years ago. I guess we all judge the market from our relative positions.
spinDrAtlBeach Fanatic
#11
The real estate doom and gloom scenario is not playing out everywhere in the country despite what some would spout.

In my neighborhood in Atlanta, home values are up and selling. One down the street sold in 4 days for 99% of the listing price. Another across the street sold in just a few days and the owner realized a 10% increase in 12 months.

It's not a fever by any means but no crash either. Desireable areas are doing fine as long as owners don't try to get rich in 2 days.
Coast is ClearBeach Lover
#12
We just moved over the weekend , here in Sandy Springs/Atlanta. We put our house with an agent friend of ours under a 'quiet sale', about a month ago, so there was never any formal listing. It was sold within 2 weeks and set a record in our neighborhood. While I am sure there are soft spots, there is still some strength out there as well.

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