Who’s buying overpriced Seal Beach homes? No one, that’s who! But it certainly doesn’t stop some from trying to sell them, not even in the $5 million plus price range. That’s why the winner of this months overpriced Seal Beach homes award goes to the owner of 400 Ocean avenue listed for a cool $7,925,000.
Just how overpriced this “Gold Coast” Seal Beach home really is is open to speculation. Initially purchased in 2007, the hedge on this property’s 14,000 square foot lot appears to have backfired. Judging by the unfounded list price, this an obvious attempt to cover their untimely purchase of a property screaming deferred maintenance.
Never mind about trying to negotiate the price because the property looks abandoned. The mere fact that the owners paid $6,700,000 for it 4 years ago in a declining market is where the conversation should begin. I imagine it will go something like this… You – “I see that you are asking one million two hundred twenty five thousand more then you bought this place for while the market declined. Can you list the improvements made other then the peeling paint”? Them – “Well it’s an lovely home that needs minor TLC on an ultra rare over sized lot (cough) and we’re about to lose our shorts“!
Unless I’ve missed something, the only possible reason the price is higher then it was 4 years ago is the acre of new sand that has blown in the backyard. Can you imagine the price of having to get permits and then paying to have that much sand trucked in?
The point that the seller’s of 400 Ocean avenue missed is, in a buyers market everything is on sale (at the very least that is the perception). Selling a home in this market takes careful evaluation of pricing, not a crap shoot. But then again, if everyone did that we wouldn’t have a ridiculously overpriced Seal Beach home to feature. Do you have a nomination for next months “Overpriced Seal Beach home” that you would like to see featured here?