Challenged Listings, Recent DealsPosted on Monday, August 8th, 2011 at 8:52pm.
301 35th (4br/5ba, 3100 sq. ft.), an SFR right at Highland, had the longest run on market (400+ DOM) of the listings we'll discuss here, starting way back in May 2010 at $2.279m. For part of last July (2010), they tried an interesting tactic of offering buyers' agents 4% instead of the customary 2.5% commission on a purchase, with the price still over $2.2m. That little bounty trick didn't convince any buyers to pay too much.
The price dwindled to $1.897m by last October and got a mention in our post, "How Near, How Far," as a listing that might be "near" its market price finally. Whoops.
The cuts continued, and not those goofy $50.00 cuts, either – until the offering price hit $1.549m and a buyer finally knocked. A sale at that price is -$331k/-18% from the 2005 acquisition price ($1.880m), and -$730k/-32% from the start price last year.
It's an unusual house on a bigger lot (5600 sq. ft.) for the Trees. We called the style "quirky, woodsy, [with a] 70s vibe, and a determined architectural style that's hard to define." Very custom, pretty dated, looking for just the right buyer.
707 Anderson (5br/4ba, 3800 sq. ft.) ran 4 months from a launch in early April, and came down $500k from a highly ambitious start price to find its buyer.
It's an extra-large custom home built in 1990, livable now but facing a buyer pool that would probably like to see several updates. The home has 2 master suites, including one upstairs just off the big kitchen and living rooms (the home features an upside-down layout). There's comparably little exterior space; the backyard now consists mainly of a short lap pool.
After a start at $2.199m, Anderson has twice posted deals with a list price of $1.699m. We had privately expected a sale here to wind up with a 1.6 in front. If the current deal wraps up, we'll see how that (unwritten) prediction bears out.
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