Several active listings in the Tree Section show the recent deceleration of local home prices.
In some cases, same-house sales will actually show a reversal in the market – the first clear signs of the bubble deflating and pushing prices backward in time.
(As always, click on any highlighted address below for more…
Several active listings in the Tree Section show the recent deceleration of local home prices.
In some cases, same-house sales will actually show a reversal in the market – the first clear signs of the bubble deflating and pushing prices backward in time.
(As always, click on any highlighted address below for more pics & details via Redfin.)Not Worth What They Once WereThese are quite obviously tough times to sell, but these 3 listings have recently entered the fray nonetheless, all offered
below their recent acquisition prices. These are not really "close shaves," they're taking off layers of skin:
- 3109 Laurel (pictured) is a little cottage that's officially a short sale. Purchased for $1.375m in April 2006, now priced at $1.199m (-$176k/-13%).
- 570 36th was purchased for $1.306m just last year (May 2007), now priced at $1.255m(-$51k/-4%), with the added entreaty, "Bring all offers!"
- 864 14th is new on market this week – purchased for $1.417m in July 2006, now up at $1.358m (-$59k/-4%).
Cutting It CloseThese 3 offerings have been around somewhat longer than the 3 above, but aren't priced much above the levels at which they were acquired between 2004-2007.
- 2700 Pacific (pictured) was purchased well before the local bubble was finished inflating, at $1.695m in May 2004. The sellers tried for $2.099m when they started in May, but the listing is down now to $1.799m, where it has been stuck since July. That's just +$104k/+6% if they get it.
- 3212 Blanche went for $1.8m in February 2005, but supply of new and newer homes sure looks different today. It's now offered for $1.849m (+$49k/+3%).
- 2900 Maple was purchased for $2.555m in Feb. 2007 by a builder who intended to raze the decent house, split the double-lot and develop it. That's not happening. Now offered at $2.595m (+$40k/+1.5%)
Not Too Far Up from '05Finally, we have 3 more current offerings, all purchased in 2005, each of which is up for about $200k more than the sellers paid. All are worth watching because any or all of them might slip down to 2005 prices to get a deal done.
- 1208 Oak is a nice home with a big location issue – "wrong" side of Oak and no residential neighbors (see "This Home Is an Island"). Sellers paid $1.449m in March 2005, and now request $1.650m (+$201k/+14%).
- 1400 Elm is a late-90s home with 5br/4ba and 3100 sq. ft. It was purchased for $1.7m in May 2005. Sellers tried last year as high as $2.35m. It's now lingering at $1.949m (+$249k/+15%).
- 751 26th is a newer home for which the current owners paid $2.1m in April 2005, a sizable bump over its price when brand-new in 2001: $1.475m (+$625k/+42%). It is now nearing 100 DOM at $2.3m (+$200k/+9%), where it may be a bit lost in the crowd.
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Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 1:10am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.