Back and Ready to Lose $Posted on Thursday, August 16th, 2007 at 5:53pm.
(For background, in order of most recent first, click here, here and here.)
This week, 714 MBB returned to the market.
Sellers paid $1.355m in April '06, and listed for $1.399m just 7 months later. It lingered and quit the market in May.
Now it's back at $1.220m.
Neighboring 710 MBB sold for $1.206m on July 27.
710 was fully upgraded; 714 is dated. But 714 has some big ocean views going for it, which are now being teased properly in the listing. And 714 has direct access to the underground garage, which not all the others do.
So right now the sellers are saying 714 is, on balance, superior to the upgraded unit that sold for less. What will buyers say?
A full price purchase, assuming 6% cost of sale, will leave the owners down $208k. That's a blow. Bringing cash to closing?
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