Close the Books on the Twins in the TreesPosted on Wednesday, July 22nd, 2009 at 5:22am.
3307 and 3309 Poinsettia were developed on a double-lot that was split. The homes were built by the same developer, were the same size (5br/5ba, 3250 sq. ft.), had the same layout and were priced exactly the same to begin.
One (3307) had Cape Cod styling, and it went first – in December 2008.
The other (3309, pictured) was more Caliterranean and lingered much longer.
Here at MBC, we were struck by the apparent overreaching in the initial prices: $2.795m. At the time, with very limited exceptions, new construction in the Trees was barely hanging around $2.2m-$2.3m. So we called a pricing poll (see "Pricing Poll: Twins in the Trees") to ask what readers thought might happen when these newbies finally found buyers.
It's a bit of a chuckle now to look at the results from that poll: 70% of poll respondents thought the Twins would sell for more than $2.2m. (See "Poll Results: Twins in the Trees.")
No, no, no. Neither home went in that territory.
The Cape Cod twin found love last December at $2.1m.
On Monday, the Caliterranean got a new owner at $1.9m, another 10% off the other Twin's price.
Drops from start:
3307: -$699k/-25%Inevitably, the Twins seem to suggest something about the direction of the local RE market.
Both Twins stand for the proposition that it was a bad idea to overprice in early 2008. The Troubles had begun in late 2007, and the outlook was not good. Spring, then Summer, came last year and then Fall, well, fell.
$2.1m must have seemed like a sacrifice for Twin #1, until #2 came in.
Are we really down 10% since December? On a $4m plot over by the refinery, a bit of evidence suggests "yes."
And the future? We won't know until one of the Twins comes back to the market – or both do – however many years hence.
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