Thanks to Valerie Kellogg, from Newsday
for this…
“The asking price for this Mattituck house is being reduced by $5,000 every Wednesday until a deal is struck, reports New York magazine. Now at $1.52 million, the 5,200-square-foot, six-bedroom, 4.5-bath house on nearly five acres, which is owned by a builder, started at $2.85 million.”
Check out the article here
3 comments
April 29, 2009 at 11:47 am
David
Nice promotion, why not just have a Dutch reverse action and get to a point of sale quickly?
April 29, 2009 at 11:54 am
Michael Daly
David,
What’s a “Dutch reverse action”?
April 29, 2009 at 2:19 pm
David
In a nut shell, the bids go to the lowest point of inflection at the point they turn higher. If this person has a true interest in selling the point of inflection would happen quickly. the last bid would always be to the upside. By reducing the asking price by $5k per week a point would be reached where someone would perceive the value better than the asking price and bid more. Lets see if the home is around in another 52 weeks.