Buy Low, Sell High on 33rd

Posted by Dave Fratello on Thursday, April 19th, 2012 at 4:26am.

660 33rd
The history of 660 33rd (5br/5ba, 4475 sq. ft.) is an interesting tour through our market's boom and bust years.

Updated to 2012... since it has just re-sold.

This is a newer home that first hit the market in June 2008 (uh-oh!) seeking $3m.

Oh, those spec builders were pushing and pushing. And some were late to the game.

In November 2008, with the price down a trickle off $3m, MBC described it as:

truly not our kind of newbie, but it is vast... and it has its style points. What we find garish about the stonework, others will find opulent. 

Kitchen at 660 33rd
But this huge Spanish-y home never sold, it foreclosed. It went back to the bank. Popped bubble being what it was.

The foreclosure was in Oct. 2009, which many would mark literally as the bottom of our market. Afterward, by Q4 2009, things at least flattened out.

When the property came back on public offer in Feb. 2010, the price was at $2.2m.

$2.2m for new construction, call it 4500 sq. ft. with a basement media room, a 600-block location, street-to-alley lot. Right now that doesn't look so bad.

Yet as the vultures swirled, even post-foreclosure, the value of this big, newer home kept going down.

$1.990m is what someone paid in April 2010.

Again, if you don't mind MBC quoting MBC, here's what we said at the time:

[F]or sheer size, there probably won't be a deal quite like 660 33rd for a while, if ever. 
Now let's jump ahead 2 years to... right now.

660 33rd just resold. (Off-market, of course.)

A full 2 years after the bank sold this one for about $2m, the home found a new buyer for $2.475m.

Call that the midpoint between bubble-era hoo-ha and all those irrational expectations at the end, and the deep-down depths of 2009.

The midpoint. Is that 2012?

At 660 33rd, it is.
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