A Cascade of Quitters

Posted by Dave Fratello on Sunday, December 2nd, 2007 at 5:44am.

If your home has been listed a while and hasn't sold yet, this is the time of year to think about dropping out. Come back in 30-90 days when there are more buyers, and try your luck then.

The listings that are left are starting to cut more and more, and the ones that are selling, deeper still. You can understand why home sellers want to get out of that environment.

Several sellers have made the call to cancel – off the MLS, at least – in the last week to 10 days. In fact, there have been so many cancellations, there are sure to be several explanations. Hey, maybe some are going to actually wait 30+ days before re-listing!

Let's look at some recent quitters:

Hill Section
  • 916 9th (pictured) – Still one of MBC's favorite family homes (see story here), in an off-the-beaten-path location. Last at $2.9m (a 50% markup over the purchase price 4 years ago).
  • 869 3rd – This modern home was purchased for $2.4m just 3 1/2 years ago by two local agents and put up for sale July 30 at a whopping 64% markup – $3.995m (see story here). One 2% price cut, no action, and now, no more MLS. It was offered for rent, too, at around $12k/mo.
  • 601 Larsson – A home in foreclosure repeatedly and listed as a short sale at $1.899m until recently. Could it be headed to auction at last?
Tree Section

  • 758 14th (pictured) – This Arbolado Ct. home (last at $1.699m) is a long-timer on the market and no stranger to MBC readers. (We've mentioned this one several times since it hit the market in March, most recently here.) It was also up for rent for about $5k/mo. Wouldn't it be strange if the story ended with a whimper like this?
  • 3200 Pacific – One of the least-aggressively-priced homes in the Trees for almost 2 years now. This 1990-vintage, fortress-like home began in '06 at $3.9m, worked its way down to $3.2m this year.
  • 3212 Palm – A pleasant enough 4br/3ba, 2300 sq. ft. home that hung around just 6 weeks at $1.585m, obviously high for what it is.
  • 616 19th – An overpriced lot sale, this one began at $2.1m (see MBC's story here), a real stretch despite a decent Tree Section location. Chops ensued, and it was down $300k when it canceled and a "for rent" sign went out.
Sand Section
  • 453 36th – An overpriced lot sale in a pretty forgettable part of town. (The alley is 36th Place, and you know how we feel about that little stretch of asphalt.) Sellers sought $1.8m consistently for 5 months.
  • 3505 Alma – This 3br/3ba, 1425 sq. ft. home was on offer just two weeks at $1.5m.
  • 532 6th – One of 3 walkstreet homes (all on 6th) to come up recently (see "6th Street is Turning Over"), this one – literally on Valley – canceled after less than 2 full weeks on the market. Too bad; it was a pleasant surprise of a home, though MBC noted the price seemed out of line at $2.7m, given that the owners paid $1.8m just 2 years ago.
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