Did the listing agent under price it or did the buyer over pay?

Either way it’s a beautiful place.

Sabino Canyon

quote:

Originally posted by Steve Miller:
Did the listing agent under price it or did the buyer over pay?

From the article: ‘Storey said the selling strategy was to price the home “fairly” in order to draw a large pool of offers, knowing it would get more than the asking price.‘

And now the whole world knows that the new owners over-paid...



Re the house, very showy, looks like a museum. Not the kind of place I'd want to live.

And good thing, too, cuz I sure couldn't afford it!

Well, Here's the full zillow ...

Hidden Valley

This is possibly some sort of a play on "The Winner's Curse," which most firms can avoid because they have experience with the auction process on an asset with only an estimated value (like oil drilling leases). The owners successfully found a deep-pocketed family that didn't want to think very hard.

The location on Sabino Creek is wonderful, however, so maybe the new owners won't take a financial bath.

We're in such a period of price flux that an auction may have been just the right way to flush out the folks with the highest willingness to pay. Traditional pricing policy is based on "comparable homes" that sold earlier -- often at lower prices. Agents using conservative value estimates may be missing the top of the new market. An auction could do better for the buyer than an agent's assessment which lags the new top.

Zillow tells me that the home we bought in 2018 is now worth 73% more than when we bought it. What that tells me is that I haven't a clue what it's actually worth. And I suspect real estate agents are in a fog too.

quote:

Here's the full zillow ...

Yeah, that's what I looked at. I prefer looking at photos on Zillow to almost any other option/site. and I've become way too good at finding just about any real estate listing even from incomplete info.... when did this become such a hobby??

quote:

Zillow tells me that the home we bought in 2018 is now worth 73% more than when we bought it.

Yeah, our home that we bought in 2019 shows up on Zillow as being worth almost 50% more than what we paid for it. That's crazy.

And ultimately meaningless. For one thing, if we wanted to sell, we'd have to find somewhere else to live. For another, I suspect the market will correct itself sooner or later, so what we see in an online estimate like Zillow's is just really unreliable....

Having said that, the only thing it might mean is that we could maybe get more if we want to take out a home equity loan, right?? Or am I misunderstanding?

Assuming I'm not misunderstanding, we really want to build a garage, maybe that's the way to do it....

The only thing is, I really don't want to deal with a big project like that right now (not the least because of continuing problems getting materials), but by the time I'm ready to, the options for rates and home equity will probably be totally different...

-_-

I could so live there. There are only about 2.4 million reasons why I never will.

quote:

Having said that, the only thing it might mean is that we could maybe get more if we want to take out a home equity loan, right?? Or am I misunderstanding?

Yes, you can certainly do that, and with interest rates current very low (but set to rise), now is a good time. We have a variable-rate HELOC at 3% that we used for fixing up the "new" home in Santa Fe. If rates soared we would pay off the loan out of other assets. But I'm guessing that they'll only rise a percent or so, which just extends the payoff period a bit unless we raise the monthly check we send by a small amount.

quote:

Originally posted by Mikhailoh:
I could so live there. There are only about 2.4 million reasons why I never will.

quote:

Originally posted by Piano*Dad:
Yes, you can certainly do that, and with interest rates current very low (but set to rise), now is a good time. We have a variable-rate HELOC at 3% that we used for fixing up the "new" home in Santa Fe. If rates soared we would pay off the loan out of other assets. But I'm guessing that they'll only rise a percent or so, which just extends the payoff period a bit unless we raise the monthly check we send by a small amount.

We wanna wait until next summer (2023)

I'd buy that in a heartbeat for a second home. But you couldn't pay me to live there year round.

After we moved back to the USA from Greece, my Dad designed us a white stucco home in a Houston pine forest that hearkened to the structures on the island of Mykonos. Was a nice place -- secluded -- in the woods -- yet still inside the city limits. And it still stands to this day two owners later.

quote:

Originally posted by piqué:
I'd buy that in a heartbeat for a second home. But you couldn't pay me to live there year round.

+1

It's a beautiful home and the design and architecture are what I love. It actually reminds me of my favorite furniture store, Dania, both in size and furniture style.

But as I get older I'm finding that I want smaller, more intimate spaces, kind of "less is more". Square footage and soaring ceilings don't call to me for some reason. I'm craving cozy (read: small).

But I'll happily visit if you one of you buys it!