Chasing the market #2

Here's the second market chaser. A 1960 3 bedroom 1.75 bath large (3388 square feet) home on a half acre on Sunrise Drive in Bainbridge Island. High bank waterfront with a view and a bulkhead.

Time on market: 18 1/2 months, a long, long time, even in a slow market.

Originally listed at $1,100,000.
2 months later, price drops to $999,000.
2 1/2 months later: $947,000.
4 months later: $899,000.
5 1/2 months later: $649,000.
4 months later: $550,000.
5 weeks later: sold at $425,000.

Selling price 77% of last price drop. 38% of original listing price.

The tax assessment: $757,040. 

Had the owner been carrying a large mortgage, the wait would have been very, very expensive. As it stood, the owner owed less than the selling price.