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Wednesday, March 2, 2011

5 OVER 100 (Los Feliz)

DOM (Days On Market) Sounds a lot like RIP. Why are these amazing houses languishing on the block for more than 100 days when others sell in multiple offer situations seemingly immediately?  The answer is simple: Price.  Buyers in today’s real estate market are extremely savvy.  They have a myriad of tools at their fingertips that allow them to develop a keen insight, understand trends, become astute when it comes to value and pricing and really know the micro-area where they want to buy.  If a property is overpriced, the likelihood that it will sell is minimal.  This is where a disconnect between buyers and sellers resides. 

Buyers have done their homework, and in many cases, sellers have not.  In these instances, we have spectacular homes that are simply priced too high for the market. 

I see this as an opportunity.  My suggestion is that you not be afraid to make an offer that is (seemingly) insultingly low relative to the asking price but right on target for the market.

This time, we take a look at Los Feliz.  Here are five incredible properties suffering from an inflated ego.  Stay tuned for other neighborhoods in the coming days!

2532 Wild Oak | 2,995,000 | 259 Days

2549 N CATALINA ST | $3,550,000 | 165 Days

5699 Holly Oak Dr. | $2,599,000 | 159 Days

2661 Aberdeen Ave | $2,995,000 | 134 Days

3824 Carnavon Way | $1,395,000 | 137 then 27 Days

1 comment:

  1. I'd like to think that this post had something to do with it... Holly Oak was just reduced to: $2,499,000 from $2,599,000. It's a start!