It was early this year that we got one of the first indications that low rates, pent-up demand and low inventory could lead to a warm first quarter – in terms of local real estate, that is.
That early indicator was 1413 Pine (4br/3ba, 2275 sq. ft.), a remodel that had failed to sell 2 years prior when it was badly…
It was early this year that we got one of the first indications that low rates, pent-up demand and low inventory could lead to a warm first quarter – in terms of local real estate, that is.
That early indicator was 1413 Pine (4br/3ba, 2275 sq. ft.), a remodel that had failed to sell 2 years prior when it was badly overpriced at $1.759m.
The home returned to market January 12 and was featured that day on MBC, where we greeted the new listing with a pricing poll. (See "Re-Poll: 1413 Pine," which includes a review of the home.)
Pine's new listing began at $1.389m, nearly $400k below the 2008 price, and stood almost alone in the price range.
While we gave MBC readers almost a week to see the home and vote, a buyer – one of several – stepped in and made the question largely moot. And now, after a 2-month escrow, the sale has closed for $1.385m, a trifling $4k below the list price.
So how did MBC readers fare in the attempt to call the final price?
Only 11% went with the "winning" price range of $1.389m (+/- 5%). (Graphic here is from our results story on 1413 Pine.)
A practical group of 32% went just a step down to $1.250m-$1.325m.
We say "practical" because, let's be honest, virtually no Tree Section listings had sold within 5% of asking for many months. (See our Tree Solds page from the 3/15/10 update for evidence.) Even if $1.389m seemed reasonable on its face, odds seemed to be against a full-price sale at that point.
Combining those 2 top categories, 43% of readers voting in the poll thought Pine would sell within 10% of its start price.
The rest of those voting missed the chance to see Pine as a tea leaf foretelling an active, early Spring selling season in MB.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of May 9th, 2024 at 2:40pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.