There is a condo for sale in the area I’m looking that’s priced 35% higher than comps. By that I mean there is another, almost identical unit (same building) priced 35% lower. There are a number of other units that have sold in the last 3 months with similar floor plans, all within 5% of each other, which are in range with the cheaper unit currently for sale.
I am confused about what is going on with the overpriced unit. I have heard that sometimes realtors will underprice a unit to incite a bidding war. Is there any benefit to overpricing one? What is this guy thinking?