By Patrick follow 2011 Oct 6, 5:00pm 1 link 1,701 views 1 comment
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Just when you are trying to think if 19201 Schubert Dr in Saratoga has been priced accurately at $1,399,000 (last sold in 2004 for 1.1 M) , a similar listing shows up with a price tag of $1,649,000 (19168 De Havilland Dr--last sold in 2003 for $ 1,488,000).
Is it a coincidence that these two homes are "perpendicularly" next to each other and have similar architectural styles?
Hmmm...why would an agent advise the owners of De Havilland Dr. to bring their home in market at a time when a similar property next door is priced approximately $250 K lower. I acknowledge that the backyard of Schubert abuts a busy street, but 250 K more, really. I will never pay $5.99/lb for tomatoes in Whole Foods if I know they are selling for $3.99/lb in Trader's Joe next door. I know, I know...it is a bad analogy. After all, you don't need a jumbo loan to buy tomatoes.
Moreover, the Schubert property came to the market only 18 days ago. Therefore, it is not like it has been sitting for 6 months and the owners at De Havilland got tired and decided to list their home a month before the holiday season, A.K.A. slow-real-estate season.
What kind of business decision goes in putting a home in the market for a price tag that is significantly higher than the neighboring home? If you read carefully at the listings for both homes, you will find the answer. Both these homes have something more in common; they have the same listing agent. It seems the property on Schubert Dr., which now looks like a bargain at $1,399,000, is being marketed at the expense of De Havilland Dr. So, buyers don't delay or you will miss the deal at Schubert Dr, that is if you can get past the bidding war in an attempt to get it for at least $1.5 M, which is still $150 K lower than the competition.
Any guesses what will happen to the pricing of De Havilland after Schubert Dr. is sold. Just go back to the owner of De Havilland and tell them that they should lower the price to whatever-Schubert Dr- sold-for.
Am I the only one who wants to sympathize with the owners of De Havilland property?