Wednesday, August 6, 2008

How Long Does It Take to Wrap Up a Frog?

Two months and three days to be exact.

For those of you who are wondering about the connection between frog and house, I'll divulge briefly. I listed a home for sale in Fremont CA Because it was an average home for sale without the "distressed sale" factor, and we felt that it would be a good indicator of the recent real estate economy, at least for Fremont homes for sale anyway. A Tomato Frog is one of the most popular "indicator species" in our ecosystem (if you live in Madagascar). So, the home is the frog in a sense. Here's a quick redirect to the original article. We could have called the home a "canary" or attach a phrase to the project like , "let's raise that flag and see if anyone salutes it," but Tomato Frog just seems to have way more character than canary which is perhaps overused or the flag phrase which is patriotic, but not very fitting.

As of July 31st, the property has since closed escrow and now belongs to a new owner. Buyer and seller very happy. Did we do anything special? Not really. We did lower the price once from 508k to 481k. That's when the activity changed for the better. We received three offers over a brief period of one week. It sold for 460k. Most of the offers (2 others) were hovering at 450k. This was where we thought we were headed, but there was a last minute call from an agent who was on her toes. That last minute call was what we needed to create a demand and get 10k more for the seller and still be a fair market value.
So, to wrap it up, we feel that within the scope of this test, there is hope in this economy for motivated sellers. As for the shortsales, we have one in our inventory which has since received two offers and the lender is reviewing as we speak. We shall see.

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