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!
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