Bright Spots

Posted by Dave Fratello on Thursday, August 30th, 2007 at 5:28am.

Maybe there's a gloomy mood out there, but there are folks making deals that are news...

2305 Pine, highlighted in one of MBC's very first stories, actually closed for $1.570m this week. We had thought it peculiar that the sellers would increase their price mid-listing from $1.495m to $1.595m. Guess what? They (basically) got it! It cost them 4 months on the market, but the tactic worked. We are humbled, and astonished. Last question: Did the buyers' agent tell the buyers that the home was once listed for $75k less than they paid?

3200 Elm is in escrow. This is a newer home priced at $1.95m to reflect a location issue (view of Ardmore). MBC is happy because the sellers are readers. You want your friends to do well.

1140 Laurel closed, after some stops and starts, at $1.535m (-$104k). This is the only one of 3 homes in the Arbolado Court development to be listed this year that actually sold. (And technically, it's not part of that group anymore.) MBC once penciled out a pure PPSF price comparison to suggest it shouldn't have gone over $1.5m. (This is what you get for predicting.)

316 Highland closed for $180k above asking at $2.175m. Yes, for all the talk about Sand Section haircuts, beautiful new(er) homes in nice locations do move fast. Bravo.

2804 Pacific closed for $1.420m, after asking $1.399m. They sold within 2 weeks while neighbors holding out for too much are still lingering. No "price war" broke out, but these sellers got out quick.

Of course, almost all this activity is last month's news (or older) finally settling out with escrows closing. Good reminders, though, that the news doesn't all go in one direction. That's what makes this business interesting.
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