1 Cornsilk - Need help

This property was profiled by IR a while back and everybody pretty much tore it apart (rightfully so). But the owner is a personal friend of mine and I think he just hooked up with a bad agent. He's a good guy, 20% down, no Heloc abuse. He needs to sell to move to take care of his parents. His current listing of 760k is clearly way to high. After hearing me out, he agrees with this. So now the question is what do you think is a fair asking price in the current market? Please, no comments on its "worth" or how far off it is from rental parity. I would really like suggestions on what the knife catchers currently out and about might be willing to pay for it. And BTW, I'm meeting with him next week to help him take new pictures to replace the lame ones his agent took. Any suggestions would be greatly appreciated.

[quote author="samuroo" date=1258909278]This property was profiled by IR a while back and everybody pretty much tore it apart (rightfully so). But the owner is a personal friend of mine and I think he just hooked up with a bad agent. He's a good guy, 20% down, no Heloc abuse. He needs to sell to move to take care of his parents. His current listing of 760k is clearly way to high. After hearing me out, he agrees with this. So now the question is what do you think is a fair asking price in the current market? Please, no comments on its "worth" or how far off it is from rental parity. I would really like suggestions on what the knife catchers currently out and about might be willing to pay for it. And BTW, I'm meeting with him next week to help him take new pictures to replace the lame ones his agent took. Any suggestions would be greatly appreciated.</blockquote>
I would say that the home would probably sell for $700k-$725k based upon closed comps for similar homes in Woodbridge if you had the right strategy and did some very minor improvements such as paint.



P.S. - Tell them to get themselves a better listing agent.

For reference - here's the listing on Redfin: <a href="http://www.redfin.com/CA/Irvine/1-Cornsilk-92614/home/4695828">1 Cornsilk</a>

Here is the blog post featuring the home: <a href="http://www.irvinehousingblog.com/blog/comments/1-cornsilk-woodbridge-irvine/">Oct. 1</a>