Dubious moments in real estate pricing

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The listing for 979 Lake Avenue, way up Lake near its Albany terminus, expired today, but was immediately relisted at the same price, $1.199 million, that it’s stuck with since November. The house is empty, the spring market is over, and these owners have been trying to unload the place since 2017 — it may be time to move on.

There’s a history of miscalculation here, dating back to the original 2017 price of $1.995. When the agent (not the current one) finally got the price dropped, she proclaimed a “HUGE PRICE REDUCTION! Now priced well below Zestimate”. For some reason, that was unpersuasive.

The current price wouldn’t seem excessive — the town appraises this house at $1.3, though that may change with next year’s revelation — except for the fact that no one’s taken a run at the place even at $1.199. The market’s had ample time to respond to this price, and it’s spoken; or that’s my take on the situation, anyway.