Close the Books on 2104 John

Posted by Dave Fratello on Tuesday, October 5th, 2010 at 7:58pm.

The first day we ventured out to see 2104 John (5br/5ba, 3980 sq. ft.), agents around town readily volunteered to your blog author that the home was overpriced at $2.599m.

On that point, there was near-unanimity, with the listing agents being the exceptions.

If John was high, the question was: By how much? 

One agent said specifically, "It's too high, at least three hundred" – thousand, that is.

Now that 2104 John has closed for an even $2.3m, we can report that that one prediction was off. By $1k.

As for the rest of us, here's guessing many would have expected a lower closing price. And that's why we let the market decide, instead of getting wedded to predictions.

You may recall that the home is a big, newer (2002) Spanish on a wider-than-normal lot (5700 sq. ft.). The home's nice and familiar if you know recent Tree Section construction, with the main difference being that rooms were each a bit bigger than you'd be accustomed to. Beyond that, no over-the-top finishes or ultra-special details. (This writer once kidded that the sinks must have gold fixtures.)

No doubt the biggest attractions were the block – oooh, dreamy, sleepy John, a stone's throw from everything, but a world unto its own – and the size, just a little more than buyers could find elsewhere.

The sale price at John, despite a discount of $299k, is a substantial boost over its acquisition price.

In April 2003, the now-former owners paid $1.8m. The resale 7 years later, with no improvements on the 2002 original home, is a smooth $500k boost, a jump of 28% in the market price, 4% per year if you're inclined to average it out.

Impressive, and – no doubt – fodder for the debate over what year's prices prevail in MB these days. This resale looks like an '05-'06 price here in 2010, not so common around here for a while.

Worth noting: The most expensive home in the Trees to make a deal since 2104 John went under contract in mid-August was 1821 Poinsettia at $1.699m.
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