I'm going to try a new series...Weekly Price Reductions. Each Monday I will link to a report showing you reduced listings from the week before and highlight the biggest reduction of the group. This is not meant to scare anyone...the sky is falling the price is falling oh my god don't buy real estate!!
Reductions are a great tool to use when you are looking for a deal. Usually when the price is reduced, it started out too high. Despite some feelings about agents, often times it is the Seller who wants more money than than the property is worth. But, once the price starts to reduce, most Sellers are willing to negotiate. So, each week check back and if you see a property reduced twice...call me...I bet we can get you a deal!
San Francisco Price Reductions Report for 2/13 - 2/20
This week's Top Reduction is a doozy!
Located at 2000 Washington Street, #A this stunning condo was originally listed in November for $5,495,000. It is in Pac Heights directly across from one of my favorite parks, Lafayette Park. Today, it is selling for $4,999,500. Yes, that is a 500k reduction. Huge! But, I did some research and this property has had an extraordinary life so far. In 1998 it sold for $2,450,000 then in 2000 it sold for $6,985,000! (side note: I can't confirm this, but the MLS records show financing as cash, wow)
This is a great example of the Seller choosing his/her price (aka: being a bit greedy), instead of listening to the market. It has been on and off the market since March of 2005 and once it settles down to a price a buyer deems valuable, it will sell. There is definitely room for negotiation on this one!
