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Redfin Real Estate Forums :
Bay Area :
Bay Area Forum Contest - Find the Most Overpriced Listing
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Bay Area Forum Contest - Find the Most Overpriced Listing
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PABuyer
Regular Contributor
Posts: 140
Registered: 08-14-2009
Message 1 of 40
Viewed 1,259 times
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Ok - so if we can't find anything to buy, we might as well have a little fun while we're looking ... Many people on this forum feel the market is overpriced --- but even for those folks that are less bearish on the overall market, there have to be at least a few places whose asking prices just seem out of whack. This is your chance to see if you can find the most ridiculously overpriced listing in the Bay Area. Just include in the Redfin URL and any supporting data (comps, previous sales, etc.) in your post. If you agree that a particular listing is the most overpriced, give it a kudos. The "winner" will be the listing that receives the most kudos.
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11-04-2009 09:36 AM
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Re: Bay Area Forum Contest - Find the Most Overpriced Listing
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norcalnative
Regular Contributor
Posts: 389
Registered: 05-04-2009
Message 2 of 40
Viewed 1,256 times
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Ha ha Wow this will be fun
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11-04-2009 09:42 AM
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Re: Bay Area Forum Contest - Find the Most Overpriced Listing
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norcalnative
Regular Contributor
Posts: 389
Registered: 05-04-2009
Message 7 of 40
Viewed 1,213 times
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Your kidding right? Come on people I know you can do better than that. I have a whole list of homes that are anywhere from 200K to 400K over priced I just need some time to go dig up the links
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11-04-2009 10:16 AM
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Re: Bay Area Forum Contest - Find the Most Overpriced Listing
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PABuyer
Regular Contributor
Posts: 140
Registered: 08-14-2009
Message 9 of 40
Viewed 1,186 times
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This is my favorite. It is literally a shack (1/1 - 684 sq ft). The lot is less than 5k sq ft, so it isn't really even that great a candidate for a tear-down. http://www.redfin.com/CA/Palo-Alto/2216-Amherst-St-94306/home/1801492 Asking price? $885,000. That's nearly $1,300 per sq ft! The average asking price is Palo Alto is $850 per sq ft, meaning this is overpriced by 50% according to average list. Based on sales, it's almost 60% overpriced. Plus, it's a friggin' shack, or as the listing says, a "redwood and oak cottage style hideaway." Open Sunday if you want to check it out. 
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11-04-2009 10:33 AM
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Re: Bay Area Forum Contest - Find the Most Overpriced Listing
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NetReality
Contributor
Posts: 22
Registered: 02-23-2009
Message 10 of 40
Viewed 1,179 times
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How about this beauty for $3.3 million: http://www.redfin.com/CA/Palo-Alto/1424-Hamilton-Ave-94301/home/1708998 The price has already dropped a whopping 600k and is currently priced at $1230 per square feet. It has an estimated mortgage of $14k a month, which is why it's been for sale for over a year. It's a nice pad, but won't sell til closer to $1000 per sq foot which means it has another $600k to drop (a $1.2 mil drop from original listing price).
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11-04-2009 10:38 AM
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