I think it’s safe to say, barring anything significant not readily disclosed in the article (like a super funds site), this listing will go way over asking. The agent claimed that the lack of comparable properties inhibited her ability to get a good read on the pricing strategy. To me that sounds like a tall tale. Plenty of ways to price it, this one seems like an extreme example of under-pricing to me.
From SF Gate:
Those used to seeing homes that sell for $1,500 a square foot (and up) in San Francisco will definitely enjoy the value in a new Carmel Valley listing, where not only is the Mediterranean-style home with custom stone and metal work listed at under $600 a square foot, but the house sits on top of 40 rolling acres of land.
Plus, the vast property is located only about a 10-minute drive from downtown Carmel, according to listing agent Leslie Johnson.
Since this amount of land is more or less unheard of in the area, Johnson had to do her research to come up with the $1.295 million price tag.
“[This was a] very difficult property to price due to lack of comparable sales. [There] simply are not many properties like this with these views, closer to Carmel and not east of Carmel Valley Village,” Johnson explained. “So one does their market analysis adding and subtracting amenities. Then you get as many inspections as the seller will allow. Often you even pay for a professional appraisal on something like this. Then you add in the ‘Wow’ factor. What are these views and privacy worth?”
In fact, there was a little too much privacy for the long-time owner, who was getting on in years when she decided to rent out the property and move to Texas. “It got too isolated for her and she needed help,” according to Johnson.
The owner held on to the property and rented it out for almost 10 years but, now in her mid-80s, she decided the time had come to sell.
The seller is responsible for a lot of the decorative work on the 1996 home, including (appropriately enough) adding Carmel stone to the exterior of the three-bedroom, 2.5-bath house, plus an arching fence and a gate with an avian motif because of her love of hummingbirds.
Johnson says there’s been “lots of activity” at the first showings of the home this past week, so we suggest flying down to Carmel at hummingbird speed if you want to check out this one-of-a-kind parcel before it’s gone.
