Sold Review for 1355 Ithaca Drive

March 8, 2017
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This property came on the market on Thursday, January 18th and was
priced at $799,900.  Listing remarks said that showings would start on
Friday 1/20, that there would be an open house that weekend, and that
Sellers would review offers on Monday 1/23.  I showed the house on the
first day showings were allowed, and there were already 10 Realtors’
business cards on the kitchen counter by 1pm.  I received an email from
the listing agent at 3pm on Friday informing me that ‘Seller had received
an excellent offer that they are willing to accept’ and that, should my
‘buyer be interested in this property they should submit their highest
and best offer by 12:00pm (noon) tomorrow to be considered. We will not
consider an escalation clause.’

Sometimes
buyers will make an aggressive offer with a short acceptance deadline
to blow everybody else out of the water, and this is what happened
there.  The open house was cancelled and the property went under
contract swiftly.  I suspect there might have been a couple of offers
for the price to get bid up that much and also because there was a
back-up offer in place.  It is interesting to note that the price was
increased from the original list price of $799,900 to $850,000 on
January 25th, after the property went under contract.  This lead me
to believe that the accepted contract price was 850K and that it wasn’t a
cash offer.  Sometimes listing agent increase the original list price
if escalated substantially to avoid red flags at appraisal.  

In
my opinion, the property was priced right for a ranch with a 2-car
garage on a somewhat busy street.  The original  13×10 master was facing
a relatively high-trafficked road,  the kitchen was cute but the gas
range facing the dining and living areas didn’t vent out and the 4th
bedroom in the basement didn’t have a closet.  The fact that it came up
for sale when there was absolutely no inventory helped the sellers
tremendously.  Also properties priced below $1,000,000 in South Boulder
are more ‘affordable’ to more buyers so there will be more buyers
competing for the sale property, hence a bidding war in this scenario.  

I
was right in my prediction of a $850,000 contract price and that the
Buyer wasn’t a cash buyer, otherwise why would the listing agent bother
increasing the sales price by 50K…. This is not hurting appreciation
in the hood, stay tuned to read about 1525 Judson Drive, a similar model
home which came up on the market on 2/27 at $946,000 and went under
contract 3 days later.

This property is Listed by RE/MAX of Boulder