Back from the Bank

Posted by Dave Fratello on Wednesday, April 29th, 2009 at 5:40am.

It has been a wild year for the new, different house at 2504 Poinsettia.

Early in May 2008, this new home burst out of the gates, advertising itself as "Not your typical cookie-cutter home!"

And it's not.

The 4br/4ba, 3200 sq. ft. home is essentially an Asian-inspired contemporary. We've never seen this particular layout, which puts all 4 bedrooms downstairs, 3 of them dormlike, boxy, on the north (shady) side.

And we might not see this layout again, given what's transpired.

With unbridled enthusiasm, this newbie was priced at $2.499m last year to begin – which proved to be preposterous.

Over time, listing agents changed and prices changed – reaching as low at $1.649m earlier this year. Default notices were filed, and, in February this year, the home went back to the bank.

The lot was acquired for $1.280m in Feb. 2006, and the bank took it back for $1.575m 3 years later.

Here's guessing that the new build cost somewhat more than the $295k difference. Yes, a bath has been taken already.

Now 2504 Poinsettia is back at $1.659m, a nit above the last offering price MBC recorded prior to the trustee's sale.

That's a fairly good price for unique new construction in the Trees, but we're also thinking it'll get better.
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