Feb 16 2010
What up with That?
There’s a skit on SNL/Hulu that we watch called “What Up With Dat”. It’s silly and doesn’t make a ton of sense but the catch phrase get’s so stuck in your head you to will be saying it to your spouse like I do. My wife will say, “The dog just jumped on the bed with dirty feet!” and I’ll reply, ” Oh yeah!, What up with dat!”
It has a lot in common with real estate in Malibu too. It doesn’t always make a lot of sense and many might hear about a $20m beach house for sale or $3m mobile home and say, “What up with that?” So I think I’m going to do a article every once in a while with that title. Maybe “What up with that Wednesdays”
Here’s one for you. A large estate came on the Malibu real estate market last year at $21,500,000 and recently closed for $12,000,000. The buyer picked up one of the biggest homes in Malibu at almost half of the original listing price and the seller was probably scratching his head about how the market had changed. It was one of the largest gaps I had seen between the asking and closing price. Use it as a lesson. Even some of the largest asking prices out there may be more flexible than you think. So, come on, sing it with me ……. “What Up With That!”
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