Back, With Reduced AmbitionsPosted on Saturday, February 9th, 2008 at 5:40am.
Coming back into this market, after a dismal January (and we are not just talking about local RE), you're going to need to adjust your ambitions a bit.
And that's what we see on 3 comebackers in the Tree Section. (No ready examples in the other regions west of Sepulveda.) Here they are (click addresses for pics & details via Redfin):
- 3212 Palm (4br/3ba, 2300 sq. ft.) (first pic above) tried for a little over a month in 2007, starting in October at $1.585m. Now it's back, starting at $1.545m (-$40k/-2.5%).
- 605 36th (4br/3ba, 2350 sq. ft.) (pictured at right) tried for almost 3 months, starting in September at $1.559m. Now it's back, starting at $1.399m (-$160k/-10%).
- 609 26th (5br/4ba, 3800 sq. ft.) (pictured below) tried for almost 4 months, starting in June at $2.299m. It's back now at $2.099m(-$200k/-9%).
As it happens, all 3 of these comebackers took 60 days off the MLS, or very nearly so, and MBC is going along with the fresh DOM clocks for each as a result. We'll note their 2007 prices in the "comments" section of our spreadsheets.
Of these, 605 36th seems to be trying hardest to be reasonably priced. It's a unique property, and the location won't sing to anyone, but they're trying. Palm just isn't perfect; needs updates, and that price doesn't concede either point. At 609 26th (pictured at right), which we haven't yet seen, there's the advantage of big square footage and a quiet location, but it's unfortunately priced the same as some snazzy new construction at 1417 Elm and will have to stand out in the increasingly crowded $1.8m-$2.2m range.
We expect a few to several more comebackers soon to join the growing drumbeat of new inventory, so we'll see how much they, too, adjust upon their returns.
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