Price reductions work
In my last blog, I talked about what incredible opportunities await buyers in this market as sellers reluctantly reduce their prices on their properties and buyers are able to afford homes that they could only have dreamed about in years past. This was brought home on my recently reduced San Roque home at 3813 Center Avenue. We dropped the price to $1,095,000 and after a flurry of activity chose a nice clean offer to take to escrow. A win/win for all.
My seller on 1528 Cliff Drive has also decided to slash their price on this classic 1920's ocean view adobe. It's a gorgeous blend of original charm along with modern upgrades. It can accomodate a large extended family as there are guest quarters on the lower level.
Another example of falling prices is my new listing at 2630 State Street, #7. It was my home for many years and I truly loved living there. I sold it to a delightful young woman who also enjoyed living in such a marvelous downtown location but has accepted a great position back East. Since she didn't plan on returning, we have listed it for $575,000, current market price and a great value. She bought it for $725,000, a good value at the time.
There used to be the perception that housing prices always go up, they do so over time but there are always dips in the road, and we are in one right now. This is why it is a great time to buy and besides, while your stock portfolio will also go up and down, you can't enjoy living in it.