One example is the discrepancy in sales price of IDENTICAL units in the SAME complex.
In the past month, identical 2-bedroom 1-bathroom 858 square foot units sold in the SAME Middlefield Meadows complex for very DIFFERENT final sales prices.
96 Flynn Ave #A sold for $725,000
122 Flynn Ave #A sold for $650,000
Why such a HUGE difference? I took a closer look.
After looking into it, I found out that 122 Flynn Ave #A had two reasons for such a low sales price:
--ALL-CASH deal closing in just TEN DAYS. There's no comparison between an all-cash, 10-day close deal like that to buyers who have only 20% down payment. The other Flynn (which has a CONVENTIONAL buyer with over 20% down payment) paid $725,000.
--That listing agent's company DOUBLE-ENDED that transaction, meaning the same real estate company had BOTH the seller AND the buyer. Perhaps in an effort to earn double-commission, that real estate company settled for a lower price after only 3 days on the market.
In summary:
| 122 Flynn Avenue #A |
sold for $650,000 <-- all-cash="" closing="" days="" in="" span="" ten="" this="" was="">
|
| 96 Flynn Avenue #A |
sold for $725,000 <-- 20="" conventional="" down="" loan="" over="" span="" this="" was="" with="">
|
Difference in price between an all-cash 10-day close double-end sale vs. a conventional sale
