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28123 Ridgefern, Rancho Palos Verdes is escrow
I just put this 2 bedroom with den end unit, ocean view townhouse into escrow for my clients. Purchase price, $640,000. There's an interesting back story on this one that should provide a lesson for all buyers (and their agents if they are paying attention).
Initially, this property was listed at $699,900. Yes it has a great view, great floorplan and is in perfect condition, but the market just wasn't there at that price. So, it lingered. When the sellers finally got serious about selling, maybe because they had identified a replacement property, they lowered the price to $649,000. I took my clients to see it that day and encouraged them to make an offer immediately - which they didn't do. Well, 3 days later by the time my clients were ready to submit, the house was in escrow with another buyer. Here's the lessons to learn on this one:
1) When there is a price drop of $50,000 on a $700,000 property and your agent tells you to write the offer, don't wait. It's for your benefit, not the agents.
2) Study the market. When an owner has equity to sell and the property is over priced and on the market for a while, make your offer before the price drop comes. It's a lot easier to negotiate when you are the only game in town. Don't make the low ball offer after the price has been adjusted.
3) Follow escrows on properties to see what falls out - which is still about 30% these days. Your best deal may be jumping on a failed escrow. Usually, the second buyer gets a better price.
4) Sellers - price right from the beginning. This isn't the time to "test the market". Buyers are very informed as to what is selling and at what price. Price slightly below the going market if you want a quick sale. Curiously, there have been recent examples of properties actually selling for more when they were listed for less. If you do price above the market, against my advice, be ready to do a very quick adjustment and get your price in line if not slightly below where the other comparables are.
