Close the Books on 1901 Poinsettia

Posted by Dave Fratello on Thursday, December 1st, 2011 at 9:05pm.

It was once a $2.5m offering, then a $2.0m sale, and now...

1901 Poinsettia (5br/5ba, 3200 sq. ft.) has closed for $1.810m.

Call that a 10% drop from acquisition, back in March 2008.

All in all, that's an impressive job of holding value here for a property that had lost the caché of "new" when coming up for resale this year. And we certainly know of other peak-year purchases that have lost more like 15-20% on resale.

The buyers back in 2008 had shaved a cool half mil off the overly ambitious start price. Perhaps they felt that, even with the nasty winds blowing at the time, the housing market starting to shake and rattle even here in MB, they had "baked in" the potential for future market declines. Nabbing a new home for an even $2.0m gave them one of the lowest prices for a new home in the Trees at the time.

Alas, they baked in some of the future declines, just not all. And 1901 Poinsettia turned out to be one of the very last standard-size spec homes to sell for $2m or more.

When last MBC mentioned 1901 Poinsettia – back in early October this year – it was partly in reference to the crop of 5 (now 6) Speedy Speckies. (See "Former Speckie Undersells Current Speckies.")

The relationship: 1901 Poinsettia was the last spec home by the Speedy Speckies' builder to sell in MB's Tree Section before the new crop popped up this year.

As things stand with the current speckies, they're all running at a few to several months' worth of DOM at this point, with just one showing a deal (2516 Pine, priced at $1.899m, and still soliciting "backup offers" a full 10 weeks after first going to that status). But that's another update.
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