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10674 Rochester Ave - Classic Chasing The Market Example

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This south of Wilshire Westwood home at 10674 Rochester Ave., LA CA 90024 returned to market last week with a new asking price of $1,125,000. This is a $70,000 reduction of their asking price last time they were on the market, ending November of 2010.
The property has been off an on the market since 9/18/08, when it started with a list price of $1,595,000. 5 listing periods and 7 price reductions later, the property is now at price point that makes sense for the neighborhood. This property is a classic example on how overpricing your property to start with and chasing the market down, will eventually lead to a much lower sales price. While I can't guarantee it, I am almost certain the owner would have got a much higher sales price back in 2008 or 2009 if they started closer to this number than the $1.595 price. The property was last purchased in 2004 for $1,150,000. According to the MLS, the home is a 3 bedroom / 1.75 bath, 1,656 sq ft on a 6,500 sq ft lot.