Another Newbie Way Down

Posted by Dave Fratello on Saturday, February 21st, 2009 at 10:54pm.

Not much happens on a Saturday, but a loud ping just hit us.

The warm, large (4br/4ba, 3800 sq. ft.) new modern at 560 36th chopped $400k more today, and is now at $1.799m (-$1.2m/-40% from start).

MBC last mentioned this house 10 days ago in a writeup on new construction in distress, on account of a notice of default filed against the property. (See "First Hill Newbie to Go Short.") The amount outstanding exceeds that new market price, according to what we can see on PropertyShark.com.

36th is now 1 of 5 new homes in the Trees priced below $2m – that never used to happen. At $473/PSF, it's also about $100/PSF lower than the rest.
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