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Another fire sale in Watercolor

fisherBeach Fanatic
10,453 views
Lot 9 Pinehurst area of Watercolor is pending for $240k😱 . In 2005, a nearby lot of similar size was sold to a local builder for $679k.

Downward pressure on prices continues regardless of a recent uptick in buying. Still way too much inventory on the market and sellers desperately looking to get out. Most of the buying is occurring at these prices that are receding back to 2004 levels, and in some cases like this one, back to 2003 price levels.

Replies

62
John R avatar
John Rneeds to get out more
#2
where is Pinehurst? i know of Pine Crest or Pine Ridge.
2bfabianBanned
#3
You know what is said "A fool and his possessions is soon separated".:idontno:
fisherBeach FanaticAuthor
#5
where is Pinehurst? i know of Pine Crest or Pine Ridge.

Sorry, I think it was Pine Crest. The street name is Running Oak Circle.
Joe Complete avatar
Joe CompleteBeach Lover
#6
Yes that would be Pinecrest. The seller originally paid $206,500 in '04.
GVMBeach Lover
#7
Not to nitpick...well, yes, to nitpick...the 'pending' price must be word 'on the street'...as it's not customarily a matter of public information prior to closing?
JoshMclean avatar
JoshMcleanBeach Fanatic
#8
Correct. Pending is not the final sales price.
Smiling JOe avatar
Smiling JOeSoWal Expert
#9
I don't remember which one, but there was one, in that same hood, entered into the MLS yesterday or the day before as pending, and the list price was $260K.

edit: after a quick search, I see this is the same lot. List price is confirmed at $260K.

Edited

fisherBeach FanaticAuthor
#10
I don't remember which one, but there was one, in that same hood, entered into the MLS yesterday or the day before as pending, and the list price was $260K.

edit: after a quick search, I see this is the same lot. List price is confirmed at $260K.

Yes, but if you read the fine print on the MLS listing, it states that the price is reduced to $240k. I understand we won't know the final price until closing, but I assume that it won't be HIGHER than the list price.
JoshMclean avatar
JoshMcleanBeach Fanatic
#11
It does say that, but you can't reduce something in the notes. $20k really doesn't make a big difference anyway.
Smiling JOe avatar
Smiling JOeSoWal Expert
#12
It does say that, but you can't reduce something in the notes. $20k really doesn't make a big difference anyway.
I didn't see that written in the notes, but I wasn't looking.

Josh, I believe you can reduce the price in the notes as long as you have it in writing from the Seller that you can publish a lower price. This is one way that Value Range Marketing is priced in the MLS, with the higher price being the price entered, and notes made on the price range.

This seller is also the listing agent. I'm not sure why she even has that $240 price in the notes because she didn't even enter the listing until the Jan 19, the same day that it was listed as pending.

Edited

Jdarg avatar
JdargSoWal Expert
#13
It does say that, but you can't reduce something in the notes. $20k really doesn't make a big difference anyway.


Why? :idontno:
John R avatar
John Rneeds to get out more
#14
It does say that, but you can't reduce something in the notes. $20k really doesn't make a big difference anyway.

20k may not make a difference to a big time realtor.
Jdarg avatar
JdargSoWal Expert
#15
20k may not make a difference to a big time realtor.


Oh.:blush:
JoshMclean avatar
JoshMcleanBeach Fanatic
#16
:lolabove:
John R avatar
John Rneeds to get out more
#17
:lolabove:

so does that mean you really think 20k is no big deal josh?
JoshMclean avatar
JoshMcleanBeach Fanatic
#18
Quit trying to pick fights on the computer. Do you really have nothing better to do? $20,000 is in no way going to affect you in the sale of that lot. Whether it sells for $260k or $240k is not going to be any different in the comps. It is a good deal at either price. When I said that, I was trying to make sure it was non confrontational since I was trying to correct someone. Get over yourself my friend.
pgurney avatar
pgurneyBeach Fanatic
#19
Wow, 20k no big deal?
Smiling JOe avatar
Smiling JOeSoWal Expert
#20
... $20,000 is in no way going to affect you in the sale of that lot....
:roll:

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