A Couple Shockers

Posted by Dave Fratello on Friday, September 19th, 2008 at 5:29am.

This week, a couple of sales closed (good news!) with sale prices that will surprise to the downside.

Down at the much-discussed flat South End walkstreets (see "Quiet Walkstreets"), the one listing to make a deal since May was 500 7th (pictured).

It was listed as a 4br/4ba, 3100 sq. ft. home, though one of the "bedrooms" was fishy – currently a living space off the kitchen and dining room, not easy to see as a BR.

The listing began at $3.195m on June 3. Almost instantly, there was a deal – verbal, not formal. And why not? The 7th St. walkstreet is one of MBC's "Great Streets."

Alas, that deal did not happen. After a couple months, someone else came along.

And you might say they got a steal: the sale closed for $2.650m this week. That's a substantial chop of -$545k/-17%.

Here's an interesting case of a start price that did not seem, on its face, to be over the line. (Hence the immediate, though failed, deal.) But the sellers moved big, and moved quickly (at only 2+ months, 73 DOM) when a new party came along in order to make a deal possible.

A different situation is presented by 621 Marine.

This was a one-year-and-out situation, and everyone expects sellers to take a hit for a short-term hold. (Job transfer, we first heard.)

The home is spacious (5br/4ba, 3100 sq. ft.) and extremely attractive, done mostly in a Spanish style with delightful living spaces, lots of light, a custom feel, a decent yard, and much, much more quiet than you might expect from an address on Marine.

In March 2007, the buyers paid $2.436m.

This week, they sold it for $2.150m.

That's a rather sudden decline in value of $286k, or a drop of 12% over 18 months.

It would appear that the sellers who are making deals these days are not holding out at all. They're taking seriously the offers of buyers who come in well below list. Whatever it takes.
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