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Real Estate Broker lists his condo for $1. Smart or Silly Strategy?

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Real Estate Agent with Samson Properties SP98364271
Real Estate Broker lists his condo for $1. Smart or Silly Strategy?
 

Inman News is one of many Real Estate Websites that I get e-mails from. But I have yet to make time to read e-mails from Inman News like I know I need to. But this particular story definitely caught my attention. Listing a Silicon Valley Condo for sale for $1. Not $1,000,000. Heck it wasn't listed for even $100,000 or $10,000. It was $1. Something told me that this had to be some kind of typo. Silicon Valley is definitely not my Real Estate Market and I know that homes are selling way more than a $1 over there.

 

Then I later find out that it is a strategy that this Silicon Valley Real Estate Broker is using to sell a "Silicon Valley Condo for Sale". Silicon Valley Broker said that "There is no loan on the property so anything goes". Then I found out this Real Estate Broker is one of the top real estate brokers in the country. Real Trends Inc. recently named him as the nation's top-producing real estate agent in 2011 with $275 million in sales Ken Deleon is the top real estate agent in 2012. When you sell $275 million dollars in Real Estate,you are doing something right. Heck I like to know what he is doing.

 

I am sure to make $275 million in real estate sales,you are doing more than just blogging,door knocking,cold calling,warm calling and SEO. He is doing some things that is totally "OUTSIDE OF THE BOX". What he is doing that is totally outside of the box would be something that I would like to know. Now would listing a Silicon Valley Condo for $1 one of those outside of the box ideas that has helped him sell many houses? Do you think listing a "Silicon Valley Condo for sale" for $1 a smart or silly strategy? Maybe you can help me see what I am missing something here. And to read the rest of the story click HERE

Matthew Sturkie, CRS, GRI 909-969-3805
Action Realty - Apple Valley, CA
CRS, GRI 909-969-3805

Looks like publicity. It's also basically an auction. He knows there is plenty of demand and he will get flooded with offers. It will very likely sell above the true market value. 

Oct 23, 2012 10:21 AM
Doug Rogers
RE/MAX Coastal Properties - Destin, FL
Your Real Estate Resource!

If he owns the property I say go for it. Now if he is advising this as a strategy for a client, that's different.

Oct 23, 2012 10:23 AM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

This is definitely thinking outside the box. Silicon Valley is one of the most expensive neighborhood in Northern California. The fact that he decided to list the house at $1, he is allowing the market to dictate the sales price. When supply is low and demand is high, the final sales price might surprise a lot of people. Why constrain oneself to the market value and not allow the demand to dictate the value. Beside...look at all the national publicity he has got.

Oct 23, 2012 10:28 AM
Kathy Stoltman
Ventura, CA
RETIRED

Personally, I despise this type of selling antic.  Sell it for Fair Market Value or donate it to a charity.  This does not impress me & all the income does not impress me either if he earns it with this type of strategy.

Oct 23, 2012 10:30 AM