UPDATE: This property hit the market May 12, 2010, with an asking price of $5,495,000, so it’s eventual sale price was $2,246,900 less than that! (For you mathematicians, that represents a mere 40.8% reduction.)
President Ford was referring to the turmoil leading up to President Nixon’s resignation, but I always think of that quote when a listing that’s been lingering painfully on the market for years and years finally sells.
The trick with listings like this is to be the last listing broker. Sometimes there will be three, four, even five before you! Each time the seller switches brokers, the price gets a small adjustment downward (occasionally upward, but eventually downward), so usually all you need to be is the second broker.
In this particular case, the lucky spot was the fourth position, and that’s where broker Steve Archino entered the scene, listing it last February for $3,985,000, then reducing twice, down to $3,595,000, and a deal was struck.
How long did the entire process take? Well, it all began on a crisp, clear day in May, 2010, so beginning to end, around six years. And now its over, say hallelujah!
List: Steve Archino
Sell: Susan Rose