Home Pricing Horror Stories: Big Price Reductions in Portland, Houston, and Sacramento
To prove that the art of pricing is a really an art, and that like all art, can go badly awry, we present current MLS listings in which the original list price has been slashed dramatically. In each case, the price has been reduced more than once, or has come down 25%-40%. We’ve selected homes in Portland, OR, Houston, TX and Sacramento, CA. All of these cities are ZipRealty territory, meaning you can search as much as you like in each location. And yes, you can search for reduced prices too: just create a filter and go!
In popular Brooklyn is this 2 bed/1 bath, possibly a (sweet) starter home. The one started at $227,500, and has been reduced twice, currently offered at $209,500.
This classic bungalow, walkable to the excellent Woodstock neighborhood, is a 3 bed, 2 bath with possible live/work options. Since coming on the market in December of last year, the price has changed 5 times, landing now at $349,000, a full $100K less than where it started.
A 3 bed, 2 bath mid-century modern, this Houston is a spacious single-family home with spacious yard to match. Despite these charms though, the property’s price has been slashed 4 times, now asking $279,900.
Proving price reductions happen to high-end properties too, this estate, consisting of over 12,000 square feet, 6 beds, 6 full baths, 2 half-baths, all spread on 2.4 acres started at $8,900,000. Now, however, you could snap it up for a mere $6,595,000.
A remodeled 3 bed, 2 bath listed at $114,900, this property seems like a decent deal. But note that this “deal” is the third on offer since the home listed almost a year ago.
Another luxury property whose price has fallen, this 6 bed, 6 bath manse offers an opulent interior, huge garage and workshop on manicured landscape. It’s price history is flat out confusing: first up, then down, down again, then up again. It’s currently listed at $1,350,000. Should the seller be surprised at this point if buyers feel confident to offer less?