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If everyone is working towards the same end, they will find they can get by with a little help from their friends and that other organ, not the Hammond but the one stored in the skull. That’s right, the brain. Last week a condo at a development called realtors near me the Park at Melrose sold for $344,900 in three days, and why wouldn’t it? It has a whopping 1,274 square feet with two bedrooms and two full baths and is near 12South and even 8South. Interestingly, none of the units at Park on Melrose had sold for that much money. When this unit came on the market, one by-the-book agent squawked “It’s too much money!” They then point to their extensive research showing that the unit is overpriced based on all the comparable sales, cite numbers and issue the threatening prediction: “Even if you get it under contract it will never appraise.” Not content to end it there, there is always the “I’ll let my client see it when you reduce it in a couple of weeks.” In fairness to this buyer’s agent, he has numbers on his side showing sales with prices of $295,000, $309,000 and $325,000 from last year. Additionally, he does not want his buyer to overpay. But past comps are ancient history, and historians do not fare well in an upwardly trending market. The buyer might have liked this home and, with prices climbing, it would be a better deal than a condo priced under the last years’ comps, which would suggest the development is losing value. With the market as hot as Nashville’s, you gotta have heart, and that is exactly why this sale went down.
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