Posted on October 7, 2011 by Chris Klug
I attended an open house this morning for a unit that was listed over the 4th of July weekend for $995,000. There are currently five other listings in the complex between $1,795,000 and $1,995,000. While the unit is tired from rental activity and somewhat original, it's priced to sell. The open house received tremendous traffic. Due to the heightened interesest the seller increased the price a day after listing it - an interesting strategy. While I don't agree with this tactic, I was encouraged by today's experience and the overall Pitkin County real estate market. While the unit was listed lower than other comparable units, it's clear buyers are shopping and seeking real value. With the sale of Bob Bowden's McLain Flats home last week for $24.5 million, it's evident luxury buyers are looking and buying too. Sellers, list your property to reflect today's market and there are buyer's out there! Call me for more information and to discuss how I can help you find value in today's local real estate market!