Originally listed for $10.5 million in April 2008- with subsequent price reductions to $6.9 million and$4.9 million- it closed on September 15 for $3.8 million.
With an estimated net worth of $1.3 billion, it’s safe to say that Mr. Blank has the resources to absorb the the 64% discount off of his original list price. But the point is clear- and Blank himself hit the nail on the head in a statement on the home sale:
“”With the economic decline of the last few years, a new competitor came to town. That competitor’s name is ‘price’, and it has displaced ‘location’ for the time being. Like every other homeowner selling a house in this environment, we had to adjust to the realities of the current housing market. The new home owners got a great value, and I hope they enjoy the home and grounds as much as we did.””
In other words, don’t list your home for sale until you are ready to price it competitively. Overpriced listings take longer to sell, and typically sell for less than what they would have if they were priced appropriately to begin with. It’s not that the market doesn’t appreciate the location of your home, your fantastic kitchen cabinets, or your manicured lawn. It just appreciates the price more. A lot more.
Edit Credit: Atlanta Business Chronicle