A well known and respected realtor that does a decent amount of business up and down the Peninsula recently took a listing in my Redwood City, San Carlos neighborhood. This agent did not do business in Edgewood Park before before and so when they put together a Comparable Market Analysis (CMA) to price the home for the seller, they based it on similar sized homes and yards all within 5-6 to blocks of the house. Sounds logical, right?
What this agent did not realize was that two blocks over in Redwood City was the Redwood Highlands, similar homes typically sell for at least $200,000 less in this neighborhood vs. Edgewood Park. The area is simply not considered as prestigious. As expected, the agent priced the home about $200,000 dollars under its real market value. The homeowner's neighbors were kind enough to point this out immediately to the elderly homeowner and the agent was fired and replaced by a local realtor that understood the local market.
