A Couple 1099s Come In

Posted by Dave Fratello on Monday, March 7th, 2011 at 6:35pm.

Maybe you're knee-deep in processing tax data for last year, and that one number, 1099 – ooh, it can sting. Gotta pay for that now.

It's funny how a couple of local listings failed, and failed again, till they put up that very same magic number. Specifically: $1.099m.

2516 Alma (2br/2ba, 1400 sq. ft.) has rung up some of the highest DOM in town over the past 2+ years, tallying – officially – 506 CDOM ("combined days on market") before making a deal last Thursday.

The listing goes back to Aug. 2009. It's been on and off in the interim, and even switched agents, but the CDOM count is increasingly hard to fool. If a property's off for less than 90 days, the CDOM keeps tolling. (Not that consumers see that count automatically – a fact we've debated ad nauseum here in past years.)

Alma's a curious and awkward property in some respects. There are just the 2 bedrooms, sharing an upstairs bath with the living spaces, for starters. And while there are some updates, parts of the home – both outside and in – really need some refreshing. The very custom kitchen, with avocado-green countertops, reflects just some of the odd decorating choices throughout.

Still, you get a little ocean view and a livable home (currently a rental) close to the beach and the school. At the right price, it would have takers – clearly.

Last purchased in Aug. 2004 for $1.199m, the recent re-start at $1.099m – which netted a deal – reflects at least an 8% rewind from that early-bubble acquisition price.

3100 Laurel (4br/3ba, 2100 sq. ft.) is a corner-lot home that has almost too many flaws to count. In November last year, we called it "a major project that shows every bit of its mid-60s vintage, including thick, gold shag carpeting and a kitchen that seems original."

The inclined lot is awkward, the current layout is shockingly awkward, everything needs to be redone and, even then, we admitted, "the home's hard to imagine, even in a redone state."

All of this was very hard to swallow when the home launched at $1.399m in Sept. 2010. The list price began to move toward lot value when, with a new agent, it was repriced at $1.099m in late January. That'd still be pricey for a scraper, so we'd imagine this will be someone's remodeling project going forward.

A deal posted Sunday at Laurel, but they're still looking for backup offers.
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