How should one think about listings that don't list the asking price?
When the listings say to contact them for the price, does it already bias the listing to being priced high and the motivation to sell?

I contacted one broker which a property sold 10 years ago for $112k and is currently assessed at $168k. The asking was 1 million.

I contacted another that sold 2.5 years ago for $330k and was assessed in 2019 for $391k and $324k in 2020. The asking is $500k

Are these sellers just listing them to see if they can grab a large gain or is there a chance they will come down closer to assessed values and comps?
[{"id": "gpsd7xq", "text": "I wouldn\u2019t equate tax assessments with value. Nor would I equate previous purchase price with value today. \n\nFor most investments I am reviewing, neither of those play any real role in assessment (unless you\u2019re trying to anticipate tax increase as it relates to tenant reimbursements).", "replies": [{"id": "gptvzyc", "text": "I was just looking at a free standing hake shack in LI NY today with tax assessments at a touch above $1m. They don\u2019t mean much.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gpshobu", "text": "I guess it\u2019s about perspective. I\u2019m the opposite, when I see a listing that\u2019s publicly available and/or lists the price I question \u201cwhy is such a good deal readily available\u201d?\n\nIt\u2019s natural to let the market determine price. Unless you\u2019re looking at a specialized asset, you can gauge ball park value by looking at comps, income generated from the asset and general cap rates for similar sales in the market. You can discount based on age of a building, term left on the lease, etc. Some buyers might be able to add value one way or another, or an owner occupied might be able to come in at a higher price, so there\u2019s no reason to sell the property short.\n\nOn the other hand, it\u2019s questionable for properties that list the price, why are they not running a bid process or why has it been on the market so long? Unless you\u2019re dealing with STNL retail properties.", "replies": [], "depth": 1}, {"id": "gpsjyp7", "text": "Most of the higher end class a stuff will have tbd  pricing. The reason is image I guess, if you have to ask the price you can\u2019t afford it type of a thing. Those landlords are institutional and typically have very strict proformas of what they can lease them at and are willing to let them sit vacant until those conditions are met. \n\nOther times you get brokers buying deals by over promising high sales prices to landlords. And if they listed the price people would stop calling them. But if they find the right guy, sure. \n\nSo it really depends on if you are looking too of them market or bottom. And it is the brokers way of screening tenants ect.", "replies": [], "depth": 1}, {"id": "gpsukyo", "text": "Assessments and appraisals are vastly different. Start the negotiation with an LOI and see where they counter you at.", "replies": [], "depth": 1}, {"id": "gput4ky", "text": "An investor should have an idea of what the values are for a market.  For commercial you would want to know pro forma NOI and in place NOI.   From there you can do your own valuation.", "replies": [], "depth": 1}, {"id": "gq64d3d", "text": "As stated forget about assessments. It\u2019s all about comparable sales in the area. Many Agents don\u2019t indicate the price so that people call.", "replies": [], "depth": 1}, {"id": "gqmyk6b", "text": "Vacated property 10 years ago + Chase Bank 10 year lease = different value than what it was assessed for 10 years ago.\n\nValue is based on what the market is willing to pay, which is based on the fundamentals and the tenant + length of term, neither of which may be reflected in the assessed value (which generally means next to nothing)", "replies": [], "depth": 1}, {"id": "gqmyxfx", "text": "TBD pricing means the seller wants to ID how high the market will push pricing. Arguable whether that's good or bad, more than likely case by case. Regardless, sophisticated buyers will make offers based on tenant, term, location, credit and risk... and likely not scared away by the lack of an ask. Of course, this applies mostly to occupied properties. Can't recall seeing a vacant property marketed without a price but I'm sure it's happened some.", "replies": [], "depth": 1}]