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Name:
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John C
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Subject:
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market price
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Date:
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2/8/2013 1:08:42 PM
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I think it's a complete fallacy to think that Russell Lands or Alabama Power is setting the market price. The market price of anything here is set by supply and demand. Right now I have 4 homes under contract, working to get closed. During the negotations, none of the 8+ parties involved ever called RL or AP to ask them what to do.
To wit, anytime I am listing a home or lot for a private owner, I have never had them tell me to list it at, say, 50% of market price just to attract a permanent retiree. For example, if I think a lot is worth 120k, I have never had an owner say, "you know John, that's just too much. Even though someone will likely pay that, I would rather list it at 60 and only sell to a nice, permanent retiree."
I agree that, in the long term, supply is somewhat controlled by Alabama Power and Russell Lands in the sense that, if they wanted to, they could put every inch of waterfront for sale tomorrow. But to say they can fine tune and control market price is just completely incorrect. One glance at the ~236 homes and ~25 lots that sold through the MLS in '12 shows you that.
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