Monday, November 9, 2009
75 Windward Way, Lakeside Homes in Buena Park, CA in Lakeside Community
After being on the market for over two years, 75 Windward Way in Buena Park's prestigious Gated Community of Lakeside is in escrow! Every once in a while a property will take much longer to sell than much of their competition in the same neighborhood. Recently, I listed a property in the Lakeside community at 75 Windward Way. This property had previously been listed for more than two years by myself and another agent. I previously had the listing for about six months about a year ago. The other agent had it listed on two other occasions for over a year and a half. During each of our previous listing periods, we did receive offers on the property, just not the right offers. This was also during a time when the market was changing for the worst. It was hard to figure out the right price to market this property for since the values were dropping so quickly. I re-listed this property about two months ago with a list price of $499,000. Similar properties to this one had closed escrow from $425,0000 to $440,000 earlier in the year. I had noticed an appreciation in the values in the area recently and thought it was a good idea to list the property just under $500,000 to get it noticed. It paid off! We received an offer for asking price with a seller's credit to the buyer for closing cost. Unfortunately for the sellers, the low comparable sales in the area brought the appraised value to only $485,000. After a re-negotiation between the buyer and the sellers, we closed escrow on November 13th For $485,000! Pricing a property properly in this changing market is critical in getting the property seen and ultimately sold in a reasonable amount of time!