All's Well on 29th

Posted by Dave Fratello on Sunday, August 19th, 2007 at 6:13am.

Seeing as how MBC scolded the sellers of 579 29th for boosting their price mid-listing, it's appropriate now to say congrats and well-done on occasion of their closing escrow on a sale.

How did they do it? They got real.

Now they're out, while everyone with a live listing in the Trees over $2m is nervously wondering what's next.

The sellers of 579 29th put their home up on offer in early December 2006 (who starts in December?) at $2.575m. That was pushing the high limit. The home is 5 yrs. old, 5br/5ba, 3450 sq. ft., on a standard 4800 sq. ft. lot, and has some nice upgrades. But that was a new-construction price – and high, even then.

With no action, the price came down to $2.400m by early May. But later that month, the price shot back up to $2.519m. Huh?

The price kept moving – back to $2.4m, then to $2.329m, where it sold last month.

As of Friday, the closed price: $2.250m, down $325k (-13%). Price per square foot: $652. TDOM: 232.

That's a big cut – the largest we've seen in this market segment (Trees $2m+) since April, but we doubt the sellers will need grief counseling. They paid $1.4m five years ago.

Among current listings, there are clusters near $2.3m and near $2.5m. Here's a sale that moved from high in the upper group down to a notch below the lower group.

You might share MBC's opinion that they started too high (the sellers agreed and disagreed, so don't ask them), but the movement is noteworthy regardless. Market prices are set by those who close deals.

Now, about the 24 active Tree Section listings above $2m...
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