Couldn't Hold Out Forever

Posted by Dave Fratello on Saturday, September 8th, 2007 at 6:30am.

It is with a strange sense of sadness that we must report that 2812 Elm has, at long last, pulled a bogus re-list.

Granted, this home has been on the market nearly a year. (It first went up on offer on 9/13/06). You could argue that a re-list was in order. Something to freshen it up, give it another chance.

For 350+ days, the sellers and agent had resisted the temptation to re-list. (MBC specifically congratulated them nearer to day 300. With the same agent still repping the listing, we withdraw the praise.)

Actually, for much of that time, the sellers also resisted the temptation to cut the price (from the start of $1.769m). That attitude started to change this Summer, and it was nipped down to $1.649m just last week.

The owners paid $1.584m in June 2005. At 5% cost of sale, their current list price guarantees them a loss of $17k. Obviously the loss gets worse with a lower sale price. That's pretty remarkable for a nice home in a decent, even B+, location.

There are few comparable sales near this square footage over the past few months. Examples:
  • 3312 Maple, 3br/2ba, 2250 sq. ft. – got $1.45m in May
  • 2804 Pacific, 3br/3ba, 2050 sq. ft. – got $1.42m in August
  • 1140 Laurel, 3br/3ba, 2550 sq. ft. – got $1.535m in August
You can see why the sellers think they're not wildly out of line, but a lot has changed.

Lest MBC be accused of singling out one offender, it's worth noting that the following pulled bogus re-lists in the last few days:
  • 811 Boundary Pl., 79 DOM, re-listed 9/5/07;
  • 4104 Highland, 70 DOM, re-listed 9/5/07;
  • 570 27th, 176 DOM, re-listed 9/4/07; and, the capper
  • 844 11th, 497 DOM, re-listed 9/4/07
So, sure, everyone is doing it – trying to pull the wool over the eyes of buyers and buyers' agents – but for so long, 2812 Elm wasn't like them. It's a letdown to see them resort to deception, but if they sell, what will be the lesson others will draw?
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