Friday, February 18, 2011

Funny things in the MLS

This is one of the funniest things I’ve seen in the Arizona Regional MLS in a long while. It’s in the Realtor-to-Realtor “private remarks” data field.

Promise of response within 12 hours with a full price non-contingent offer.

Okayfine…   How random. Am I supposed to think that’s a good thing? Cranky me, I feel like testing them with a full price offer at 2 o’clock in the morning just to see if they can really reply that quickly.

The listing is a condo in a North Phoenix resort community that shall remain nameless.  <cough PointeTapatio cough>  I might be just a little touchy about this because I live in the Pointe, but what really grabbed my attention in the first place was the price – $75,000 for a one-thousand square foot condo. Nothing wrong with that, it’s a decent price compared to the rest of the North Phoenix area.

My problem with this price: the owners bought it on February 3, 2011 for $55,125. They relisted it yesterday, the 17th of February 2011 for $75,000. Know what the new owners did in the intervening 14 days? They painted.

Man, that had to have been some expensive paint!

Head’s up, fix and flippers… nobody’s paint job is worth $20,000. That’s a big “duh” and most of you will figure it out on your own. What you’re likely to miss because you see visions of $20,000 overnight profits dancing in your head is this: no buyer in their right mind is going to give you $75,000 for this condo when 14 days ago you paid $55,125. Plus there’s another bank-owned REO condo for sale 1 building over, in the same general condition for $53,000. Finally, your price point puts you squarely in cash purchaser land, and anybody who’s got $75k sitting around in cash had to be pretty dollar-savvy or they wouldn’t have accumulated that much. They’re smart, so they’re not going to be stupid enough to give you $20,000 extra just because you asked for it and promised to answer their offer within 12 hours.