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re: The Pennington house off highland
Posted on 9/18/15 at 3:12 pm to USMCTiger03
Posted on 9/18/15 at 3:12 pm to USMCTiger03
quote:To be honest in situations where your house is that much above your market and comps, you might as well list it for a Billion Dollars
Yeah. Not sure why this is so hard to comprehend. Or to reduce it to even simpler terms: why NOT list it high? You're not in any hurry to sell it because your rich as frick, you can always go down but can't go back up (can you?) and who knows, as time goes by maybe some fricking rapper or baller rolls up and decides he's willing to pay that price for a unique property? In a sense, it would almost be stupid NOT to price it high given those circumstances.
It is completely useless for the most part
0
Posted on 9/18/15 at 3:25 pm to Maverick01
Holy retard..
Go make a new alter, this one lost all credibility.
Go make a new alter, this one lost all credibility.
Posted on 9/18/15 at 3:42 pm to lsupride87
quote:
So the listing agent set a high price to get buzz about the house
It has already been established that the original asking price wasn't some clever ruse to drum up interest or "get buzz". The listing agent along with the managing real estate firm already knew the buyer who was willing to pay that price wasn't going to be from the Baton Rouge market; it would most likely be an international client.
Please substantiate your claim with a cited source. Otherwise it's just something you're pulling from your arse.
LINK
Posted on 9/18/15 at 3:47 pm to Maverick01
The fact that you think a transparent marketing gimmick like artificially inflating the value of a property would lure the right buyers in is completely foolish. It's actually insulting to someone who has the type of money to afford a property like that.
This post was edited on 9/18/15 at 3:48 pm
Posted on 9/18/15 at 3:51 pm to Maverick01
quote:
artificially inflating the value of a property
What if they artificially deflated the value to draw in buyers in order to sell?
This post was edited on 9/18/15 at 3:52 pm
Posted on 9/18/15 at 3:54 pm to Maverick01
quote:
It has already been established that the original asking price wasn't some clever ruse to drum up interest or "get buzz". The listing agent along with the managing real estate firm already knew the buyer who was willing to pay that price wasn't going to be from the Baton Rouge market; it would most likely be an international client.
Wow, looking at the timing of the article, you would think they would be trying to create more publicity again.
Seems to me they listed it for an astronomical amount based on what LSUPride87 mentioned. Then they figured, why not market it internationally since no one locally can afford it. Then when that didn't work (because no one is dumb enough to spend 18 million in BR) they lowered the price to 12 million and ended up selling it locally for 6.
I'm really not sure what your argument is at this point. You seem to go around in circles and make no coherent sense. Obviously reading comprehension is not one of your strengths (if anything is).
This post was edited on 9/18/15 at 3:58 pm
Posted on 9/18/15 at 4:01 pm to EA6B
FWIW: there is an elevator in the closet/s
Posted on 9/18/15 at 4:01 pm to TigerRob20
quote:
Seems to me they listed it for an astronomical amount based on what LSUPride87 mentioned. Then they figured, why not market it internationally since no one locally can afford it. Then when that didn't work (because no one is dumb enough to spend 18 million in BR) they lowered the price to 12 million and ended up selling it locally for 6.
If you're going to refute what the frick I'm saying then have some source material to back up your stupid fricking conjectures. It's easy. Post a link to the article or document that you're getting your info from that states the original price was set in place to "create buzz". I'll wait.
Posted on 9/18/15 at 4:06 pm to Maverick01
You think agents publish their publicity secrets so they can be used as refutation to a babbling poster on an internet forum?
Posted on 9/18/15 at 4:14 pm to Maverick01
I'm not sure why I have to prove there was an article saying they listed the price to create publicity. I didn't realize every time a house went on the market, there were articles, stories on the news, etc about them and their listed price.
Do you really think that a seller will come out and state that they WANT publicity in this situation? No, they just make the correct moves for it to happen. You do this when you sell a house yourself, but you have to pay for more publicity for your sale to happen. In their case, they have the ability to list a house for a huge number, that no one locally has ever seen before. That makes the news in good ole BTR.
If you have this capability, think about it logically. As previous posters have said, there were no comps. They aren't going to low ball themselves, so why not list as high as they could possibly imagine. It hits high value MLS lookups as well as local/regional media. They in turn receive a much larger audience for their property.
I'm not sure on specifics for this, but what if they had compared it to Jim Bernhard's house down the road, and listed it for less. If they had started at 10 million, and dropped to it a year later, they probably would have made less then they did.
These people are not dumb, they know exactly what they are doing, and will continue to amass and maintain fortune because they are smarter than you or me (but you by much more).
As previously stated:
Do you really think that a seller will come out and state that they WANT publicity in this situation? No, they just make the correct moves for it to happen. You do this when you sell a house yourself, but you have to pay for more publicity for your sale to happen. In their case, they have the ability to list a house for a huge number, that no one locally has ever seen before. That makes the news in good ole BTR.
If you have this capability, think about it logically. As previous posters have said, there were no comps. They aren't going to low ball themselves, so why not list as high as they could possibly imagine. It hits high value MLS lookups as well as local/regional media. They in turn receive a much larger audience for their property.
I'm not sure on specifics for this, but what if they had compared it to Jim Bernhard's house down the road, and listed it for less. If they had started at 10 million, and dropped to it a year later, they probably would have made less then they did.
These people are not dumb, they know exactly what they are doing, and will continue to amass and maintain fortune because they are smarter than you or me (but you by much more).
As previously stated:
quote:
In a sense, it would almost be stupid NOT to price it high given those circumstances.
This post was edited on 9/18/15 at 4:17 pm
Posted on 9/18/15 at 4:37 pm to Maverick01
Wait, you're proving that it wasn't done to get a buzz by an article based on the buzz generated?
Posted on 9/19/15 at 1:47 pm to Maverick01
The original asking price was 22 million, as was mentioned in the thread her daughter in law was the local agent. The asking price was not just pulled out of thin air or some kind of publicity stunt, they worked with one of the NYC real estate that is featured on the TV show "million dollar listings New York" and also a California firm, the house was co-listed with them and they jointly determined the asking price. They knew local buyers at that price level were nil and were trying to attract someone associated with the movie industry that liked the area or someone from the Northeast that wanted a second home in the south. They was some interest in the house at the original price but the prospective buyers failed to make a offer after visiting the area. They later received offers for 14 million and 10 million, but both fell through for various reasons. There were considerable design changes and rework during the construction of the house, and Paula Pennington is the only one that actually knows the total cost of the house, and she has never told anyone including her husband who I have known for 30+ years.
Posted on 9/20/15 at 8:55 pm to EA6B
quote:Asked ?>$20M? Sold for $6M. 41,000 sq ft. Aside from unnecessarily massive size, there frankly was not a lot special about that house. $6M sounds about right.
The original asking price was 22 million, as was mentioned in the thread her daughter in law was the local agent. The asking price was not just pulled out of thin air or some kind of publicity stunt, they worked with one of the NYC real estate that is featured on the TV show "million dollar listings New York" and also a California firm, the house was co-listed with them and they jointly determined the asking price. They knew local buyers at that price level were nil and were trying to attract someone associated with the movie industry that liked the area or someone from the Northeast that wanted a second home in the south. They was some interest in the house at the original price but the prospective buyers failed to make a offer after visiting the area. They later received offers for 14 million and 10 million, but both fell through for various reasons. There were considerable design changes and rework during the construction of the house, and Paula Pennington is the only one that actually knows the total cost of the house, and she has never told anyone including her husband who I have known for 30+ years.
Posted on 9/20/15 at 10:47 pm to Maverick01
$6 million for 42,000 sq. ft. is actually not bad. That comes to, what, just under $150 per sp. ft? I see plenty of houses going for that price per sq. ft. in certain parts of town, some for even more.
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