Tuesday, January 22, 2013

Tues Post #1: Richmond Condo has asking price slashed from $355,000 to $1?

Not too sure what exactly is the gimmick here (hopes of a bidding war?) but the condo at #117-8189 Jones Road in Richmond has had their asking price slashed from $355,000 to $1.

From the description:
Call to View! Owner Says 'SELL'. Please Bring Offers!
When posting it on his site, real estate agent Arnold Shuchat said:
I've just uploaded this listing for a condo at the Laguna in Richmond. And I always thought 1% Realty referred to some commission arrangement! This ranks as one of the largest price reductions ever: From $355,000 down to $1!
Anyone know what this is all about? The listing for $1 is popping up on real estate sites everywhere.

(hat tip Arnold Shuchat)


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  1. Realtor is hoping for a bidding war?

  2. I'm sure the neighbors are thrilled ...

  3. Yeah, probably hoping for exposure and a bidding war. It will sell for $41 and Global will headline the home that sold for 4000% above asking

  4. The waiting is over, now I can buy afford to buy a house. Where do I sign.

  5. Looking into my mystic ball, I bet that this $1 property received bids ranging from $1-$150,000.00 and then the sellers pull the listing, and re-list at $345,000.

  6. RSS syndication...

    one site goofed or has a cruel sense of humour and the rss picked it up :)

    MLS still has it at $355K

  7. Well, after getting a few calls on this one, I checked in with the listing realtor. It turns out the one of the owners is a Toronto based realtor and there has been a trend there to list properties for $1 to create some attention. They have no intention of selling for $1 but expect to have offers presented on Sunday night....etc.
    Based on a lot of negativity on some of these blogs, it would be an interesting wager as to whether a multiple offer scenario will materialize.
    It will get sold because I think the owners will do what has to be done to sell it.
    I also predict a post-sale advertisement claiming "Sold $315,000 over asking price"!