11 Sunshine Ave
The owners of 11 Sunshine paid $1.130 million for it in 2005, stuck in at least another $100,000 in improvements and priced it at $997,500 when they listed it for sale this year. It’s reported under contract today. These sellers won’t complain: it’s a corporate relocation, with an employer picking up the loss. We should all be so lucky.
188 Otter Rock’s owner is not nearly so fortunate. He sold the place for $4.4 million today, which is nice, but that must be a disappointment after starting at $6.750 2 1/2 years ago in 2007. There are a lot of houses out there that came on grossly over-priced and missed the all-time peak of our market and are now forced to sell in a dead one. If you’ve wondered what harm overpricing can do, here’s an example.
