Close the Books on 1413 Pine

Posted by Dave Fratello on Tuesday, March 23rd, 2010 at 4:16am.

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.
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