Aimed High, Quit Fast

Posted by Dave Fratello on Friday, April 13th, 2012 at 1:03am.

2216 Manhattan Ave.
It looks like a little toe-dipping over at 2216 Manhattan Ave. is over after just 5 weeks.

The Spanish TH is a beauty. But the seller's attempt to get $534k more for this one than the sellers of another unit in the same 4-unit complex got last September – that was ill-fated. The listing canceled today.

We noted last month in "Third Spanish TH Asks the Most" that 2 of the 4 units in this little complex traded last year.

2212 Manhattan Ave. (4br/4ba, 2600 sq. ft.) sold off-market last April for $2.5m. Later, 2211 Bayview, directly attached to 2212 Manhattan Ave. and right up behind it, sold on the open market in Sept. 2011 for $2.065m. (Arguably, the views at 2211 Bayview are superior to those from both 2212 and 2216 Manhattan Ave.)

But at 2216 Manhattan Ave., they asked $2.599m. They wanted buyers to look at the off-market deal from a year ago and ignore the public-market sale. Oh, and they were hoping someone would pay more than last year's, er, ill-considered off-market price.

Sure, the market feels like it's warming up on account of low inventory and multiple-offer situations. But buyers aren't crazy.

Still, with the buzz in the air, we do have to watch out for sellers who aren't all that serious and will only let their properties go at preposterous markups. You'll see more of those in the weeks and months ahead, we'll bet.
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