Schizo Price Drops on Seminary Campus in Tacoma

Some readers may recall this sprawling, 13,000-square-foot mansion for sale on a 9-acre estate down in Tacoma from an earlier post:

As I pointed out to Curbed Seattle last week, the seminary campus recently had a massive $1,000,000 price drop—12.5% off the previous list price of $8,000,000.

This week they followed up one of the biggest price drops in the region with one of the smallest. Yesterday they knocked another $4,500 off the list price, a drop of 0.06%.

I wasn’t interested at $6,999,500, but now that you dropped the price to $6,995,000, I’m contacting my agent right away to write up an offer!

Wait, no. Nobody who might be in the market for a $7m seminary campus in Tacoma is going to be moved to action by a $4,500 price drop. So what possible reason could the listing agent and seller have to push such a piddly price drop?

  

About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

33 comments:

  1. 1
    Daniel says:

    They clearly just corrected their previous typo…

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  2. 2

    RE: Daniel @ 1 – That would be my guess too.

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  3. 3
    Pegasus says:

    RE: Kary L. Krismer @ 2 – Sure.. just spoil the post. We could have kept this topic alive for days but no, you two had to ruin it.

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  4. 4

    RE: Pegasus @ 3 – What about Daniel? ;-)

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  5. 5
    The Tim says:

    I don’t get the “typo correction” theory though. Even if they had intended to enter $6,995,000 and accidentally typed $6,999,500 instead, why even bother to correct that when the difference between the two is less than a tenth of a percent?

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  6. 6

    RE: The Tim @ 5 – Because that’s what the document the client signed said???? If I had made such a mistake, I would adjust the price to what the client signed rather than go see the client to get a new document signed.

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  7. 7
    Pegasus says:

    RE: Kary L. Krismer @ 4 – That is why I posted “you two”. Since there were only two posts before mine I figured intelligent posters would figure it out.

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  8. 8
    bobthemagicman says:

    I am going to go with boredom, assuming that the typo theory isn’t correct (though I am sure it probably is).

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  9. 9

    RE: Pegasus @ 7 – I missed the “two” part when I was reading it. I was just assuming you were blaming me because I’m an agent. ;-)

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  10. 10
    Scotsman says:

    My guess is the conversation went something like this:

    “I need this sucker sold- the new yacht arrives in November and we have a year-end ballon on the jet. Drop the price $4,500 a week until it’s sold. I’m not just paying you to hand out cookies at the open house.”

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  11. 11
    Real World Express says:

    They could be hoping to trigger any computer systems that watch and wait for price changes.

    Essentially making it look as if it were “repriced” or “relisted” once more.

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  12. 12

    RE: Real World Express @ 11 – Because you really need to take that extra effort to stand out from all the other $5M+ listings in Tacoma. ;-)

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  13. 13
    Blurtman says:

    Blurtman Ministries is submitting an offer.

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  14. 14
    ray pepper says:

    Hey thats a nice place. I used one of the bathrooms there once while jogging around the neighborhood. Nice view from the bathroom.

    Hope one of you buy it so we can have a Seattle Bubble Meeting there. I will go back to the same bathroom since my memories are so positive from the last experience.

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  15. 15
    One Eyed Man says:

    I wonder what the absorption rate is for 7 million dollar homes in Tacoma? Or would that be an imaginary number?

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  16. 16

    RE: One Eyed Man @ 15 – I’m only showing one over $2M going back quite a way. That doesn’t sound right though.

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  17. 17
    Bryan says:

    Hey Tim – is there a way to set up the blog for nested comments to hang together, like facebook posts? And to allow Likes? I have nothing to add to this conversation, but I would “vote” for the story that alighed with my thoughts….

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  18. 18
    David Losh says:

    RE: ray pepper @ 14

    I’m not sure if your use of the bath room adds to, or subtracts from, the value of the property.

    I mean, if we buy the place do we have to let joggers in to use the bath rooms? Is this one of those open and notorious use situations?

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  19. 19
    WestSeattleDave says:

    RE: ray pepper @ 14 – Ray — Did you use the bathroom there the same way you use the bathroom at the Claimjumper?

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  20. 20
    ray pepper says:

    RE: WestSeattleDave @ 19 -absolutely not! I was jogging….no pretzles…no cheese dip…no rotisserie chicken…….dang it now you went and did it….salavation………

    not sure if you got my post in the past but I narrowed down my gut wrenching pain to a certain food item at Claim Jumpers. If you recall after eating there I would have to pull over on I5 with intense cramping and sweat pouring off my bald scalp.

    I found the culprit…The Gold Rush Chicken Gravy and the cheese dip for the pretzles. I can handle the cheese dip by itself but if it crosses paths with the Gold Rush Sauce in my stomache I have less then 30 minutes until a catastrophe of epic proportions.

    and there you have it…you ALL have been warned.

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  21. 21
    daz says:

    RE: Real World Express @ 11
    Yep, that is what I think, and it worked! Changing the price most likely sent 2 notices to The Tim. Then followed up by lots of exposure on this blog.

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  22. 22

    Maybe We Should Call Ghost Hunters?

    The place definitely looks haunted to me, maybe that’s why it isn’t selling….LOL

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  23. 23
    Chuck Ponzi says:

    Charles Xavier and I were just saying that we need a West-Coast Xavier Institute for Higher Learning.

    Graymalkin Industries is writing an offer as we speak!

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  24. 24
    deejayoh says:

    By Scotsman @ 10:

    My guess is the conversation went something like this:

    “I need this sucker sold- the new yacht arrives in November and we have a year-end ballon on the jet. Drop the price $4,500 a week until it’s sold. I’m not just paying you to hand out cookies at the open house.”

    Those Baptist seminarians do live high on the hog.

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  25. 25
    Scotsman says:

    RE: deejayoh @ 24

    I know, I know- but come on, have some fun. You concrete/linear thinking genius techies need to lighten up! Then again, check out the big 6:

    http://nakedlaw.avvo.com/2010/06/6-outrageously-wealthy-preachers-under-federal-investigation/

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  26. 26

    By Scotsman @ 10:

    My guess is the conversation went something like this:

    “I need this sucker sold- the new yacht arrives in November and we have a year-end ballon on the jet. Drop the price $4,500 a week until it’s sold. I’m not just paying you to hand out cookies at the open house.”

    You think they’d have cookies at the 7 million dollar seminary open house? Maybe if they’re cocaine laced, alongside the caviar.
    But more likely you’re right. They’re from Costco, served alongside those insipid roll up sandwiches.

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  27. 27
    splainin says:

    I would guess that there is only one possible buyer for this property–McMenamins–and these price drops are part of the seller’s elaborate attention-getting dance. David Attenborough should narrate.

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  28. 28
    Blurtman says:

    It’s really moot at this point, and we know whre the realtors are heading.

    http://www.msnbc.msn.com/id/40885541/ns/us_news-life/t/end-days-may-believers-enter-final-stretch/

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  29. 29

    RE: Blurtman @ 28 – A cash buyer could close tomorrow!

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  30. 30
    One Eyed Man says:

    RE: Ira Sacharoff @ 26

    I tried to get the listing but they had a problem with my proposed marketing material saying:

    “Jesus says everything must go before 2012! Free fishes and loaves with every closing! No reasonable offer refused! Buy now or be priced out for eternity!”

    Rate this comment: Thumb up 0

  31. 31
    Blurtman says:

    RE: Kary L. Krismer @ 29 – :?) wetting pants LOL

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  32. 32
    Clueless_in_Seattle says:

    Too bad the world just ended, otherwise I would have considered buying… oh wait

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  33. 33
    whatsmyname says:

    Is it not strange that the listing and comments downplay the largest building in the complex? Despite its provenance, this is a commercial property suited for a very limited number of uses. Does it really tell us anything about the Seattle housing market?

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