Close the Books on 636 8thPosted on Tuesday, August 7th, 2012 at 3:00am.
|Current house at 636 8t|
This one began in February at $4.850m, a reach above some comparable sales nearby.
Now they've closed at $4.1m, or 15% off the start.
Early this year, we saw comps in the $4.3m-ish range. (See "Big Views, Nearly $5m for Dirt," for MBC's rundown.) But there's a lot of art and emotion to comps – it ain't pure science, kids.
Here they figured this very special lot – 9950 sq. ft., narrow, deep, dropping down fabulously to the west – would sell itself, the scarcity factor would come into play, emotion would take over, and they could "push the ceiling" a little on a sale price.
The risk, when you overshoot, is that you eventually come in lower.
We wrote in May that "it's a $7m++ project for whoever undertakes it." But at about $4m for acquisition, maybe that pricetag does come down a bit for the buyer. We're still hoping to check out that final product some day. Who wouldn't?
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