Million Dollar price reduction...SOLD!

In order to keep current on the real estate market, its critical to go through the sales, expireds and new listings every day. The market for active listings is interesting and has worthwhile data in it, but nothing tells the story like the solds. Here you can see the property history (which will include all price reductions) as well as days on the market. In this case a very large price reduction stood out.

The waterfront property had been listed for abour 18 months and the original listing price was over $ 5 million. Although there had been price reductions along the way, none was sufficient to get a buyer. Even large price reductions weren't enough to get an offer until the property was reduced another $ 1 million (about 25%). This just proves the point that if you are not getting showings, you are priced away from the market and you must reposition yourself at a point that will generate showings.

Next week: Minnnows in a pond.