Pfizer is leaving Ann Arbor, we have known for that for months. Fine !
Now all the Pfizer homes are coming on the market. Pfizer employees were given a 100 loss on sale clause. So if they purchased their home in 2001-2007, they will NOT make money on their house. Pfizer is compensating them for their loss up to 100,000. Great.
Problem is who is helping out the other sellers, who have to compete with homes WAY under market value? I met and did a pre-list appointment with a Pfizer relocating employee who bought their home in 2006 for 439,900.
I told them, "you can only get 410-420 tops". I eventually turned down the listing because the relo company would only let me have it for 60 days. Once he takes his buy-out it goes to Prudential Relocation Company that is handling all the Pfizer relo's.
So they list with an agent and it comes on the market at 429,900. ONE WEEK later it is reduced to 355,000. Now how is any other sellers going to compete with that ? There are other examples, but you get the point with this one.
Of course, the Pfizer employee will not lose his money. But, it is killing our neighborhoods and hurting all the other sellers who don't have 100K loss on sale clauses.
I respect a companies right to move to minimize their losses. I don't blame the employees for moving on and taking the buy-out. But, they have left Ann Arbor in a terrible situation, with the 3 MIL S.F. building empty and all the homes for sale, and the other sellers with out a buy-out, loss on sale clause. Now with their package they are forcing down the homes all over town.
I don't want to whine, but...........this has been bugging me for weeks, time and again, I am seeing the effects on our market and the price of homes.
So I rant and rave.............and now that I've put it down in this post, I'm going to go have more fun.
Fortunatlely, I am listing a house tomorrow where I dont' have to send my clients are Dr. John letter.
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