Sunday, March 30, 2008

Luxury Comp Killer - 304 Weymouth in North Laguna

You may have seen this home for sale since April of 2007 for $3,200,000. I visited this house and it was really modern (which I liked) and really spacious with top of the line everything. Architectural quality.

Well, it just sold in January for only 2,425,000. This is only $638 per square foot and a whopping 25% less than asking price. Homes in North Laguna generally are more expensive, so this means a house like this in South Laguna should sell for less. Similar lux homes in the 4000 sq. ft. range are a good fit for this comp.

This home also shows that buyers shouldn't lack courage. Figure out what something is worth and make the offer - regardless of the dream asking price set by the seller and their real estate agent!


Anonymous said...

Wow. Was this a new house/remodel or did it have a comparable last sale price? Good job finding this!

Mr. Blue said...

I think the last sale was the lot and then someone built this house. This was years and years ago.

Swim Mistress said...

I'm glad to hear the price came down so much. But, still, the new buyers will have to pay about $30,000 in property taxes? Geez! Anyway, I think getting sellers to come down a lot may finally be happening in properties over $1.5 million. I don't think it's happening for properties under $1.5 million. We can only hope.