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I recently showed the 2-br, 2-bath condo for sale in #CambridgeMA at 17 Otis Street, an elevator building in East Cambridge (www.DiscoverEastCambridge.com) near the Lechmere T station. This unit came on the market in July 2011 for $649,900. The price was reduced for the NINTH time yesterday, and the new list price is $644,500. So how does one explain NINE price reductions that amount to only a $5,400 reduction in the list price since it was first listed?!?

The answer, I believe, is that the seller and/or listing agent wish to see the listing appear on the MLS Cambridge Hot Sheet. A price change puts you on the Hot Sheet for 48 hours and gives you added visibility, including an appearance in those daily updates that go out to buyers searching for properties in a certain price range and getting updated on status changes, including price changes.
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