Close the Books on 2509 Laurel

Posted by Dave Fratello on Thursday, January 19th, 2012 at 6:10am.

Yes, it was premature to point to 2509 Laurel (4br/3ba, 3650 sq. ft.) as an example of a perfectly priced quick sale in the Tree Section.

Back in September (!) in "Laurel Hit the Sweet Spot," we noted the almost instant deal on the big, remodeled home, which had come out at $1.695m. (Here's our review from the first open house.)

But that was just the first deal, and it flopped.

Thereafter, Laurel sat.

Instead of about 1 DOM, it logged 101.

It's a very big house, redone since its last (2007) purchase, in a location that's walkable to school and town. You might want to update it further (kitchen and master in particular), but nothing's pressing.

There's no yard, really, which was a killer for some buyers.

Once Laurel sat, it sat and sat. The last time we chatted about this one, we opined that we'd suggest offering 1.550 and look to settle at $1.575m.

We didn't represent the buyers, but that's exactly the deal they got: $1.575m.

It's a big comedown for the property, obviously, but one that needs to be measured against a peak-year acquisition, too.

In August 2007, a lesser version of this home was acquired for $1.725m. After that, new flooring was put in, kitchen upgrades, lighting and so forth. Before this recent sale, even more was done to remove all question marks and to make the home turnkey.

But at $1.575m, it's down 9% from 2007 even with the upgrades.

If MB's down 18% from peak, that's not so shocking. It just doesn't look like that quick-strike deal from 100 days ago.

---------------------------------------------


Email note: Email subscribers, please be aware that there are 2 posts in this delivery.

Not an email subscriber yet? Try this link for quick & easy signup.
comments powered by Disqus