Never mind the fact that this condo went up by probably 300% in the last 3 years.
I just have a few thoughts related to this:
- This property will look like a good deal to some people.
- Etoys (remember anyone?) looked like a good deal to me at $40 and $20 on its downhill journey from $80. Of course, it ended up at zero a few months afterwards. Of course, real estate corrections never go that far, but we should not forget that this condo was selling for no more than $100k just over a year and half ago.
- If this sale does go through at this price, it will have some impact on the other units at market. The 'comps' will be badly impacted.
- The above ad could be put there to create a little 'awe and shock' in a market in which things have just stopped moving. May be they are hoping to generate sufficient interest to start a bidding war and get the top dollar for their client. Not a bad approach from a client perspective.
- There will be sellers who will need to sell due to numerous reasons-divorce, relocation, illness, estate taxes etc. In a slow market, these types of sales will bring the sale prices down for the overall market.
