Current DOM ChampsPosted on Thursday, October 28th, 2010 at 6:04pm.
Yesterday we looked at a few listings that were at least trying to draw notice with a cut or two (of the non-bloody variety). Here we ask who's lingered the longest, whatever cuts they've made. Will this be the year for any of them?
Nearly 500 DOM
We had almost forgotten that 913 Highview was still on the market. Maybe buyers have, too.
MBC's last major reference to the property was in early December 2009, noting that it "looks like it'll hang around for the holidays, and sometimes that means the sellers mean to make a deal at some point."
"At some point" – we weren't thinking Christmas 2010 at the time.
The home is elegant, newer (2004 build) but relatively compact for the Hills (3br/4ba, 2350 sq. ft.). The location on Highview is on a quiet little block near downtown, with an ocean peek.
Price, now $2.199m, obviously remains an obstacle. The home was purchased for $1.910m in Feb. 2005.
At 495 DOM, this one's the reigning champ west of Sepulveda.
2920 The Strand (7br/7ba, 5675 sq. ft.) probably doesn't qualify as a serious seller.
The listing ran from June 2009-late May 2010, took 5 weeks off and has logged 400+ DOM overall, seeking at first a huge markup to $12.5m and more recently down to the slightly less egregious $11.750m. The seller paid $9.0m in 2006.
That, for a home with some virtues (location! size!) but plenty of issues, as discussed most thoroughly in our "Weekend Opens" review from last year. Take it down closer to a 2005 price and you may find takers, but it's at too great a premium now.
1700 The Strand is another strange Strand bird, this one an offer of 50% ownership in a corner lot (with an older, 1200 sq. ft. house on it) for $3.5m, down from $4.4m.
If they're trying to say the whole lot's worth $7m, obviously the market has disagreed.
A similar lot with a full-size house on it at 1200 The Strand closed for $7.5m in May. The home needed a lot of work, but there were 4350 sq. ft. to work with there, not just a pile of sand. If you want to think 1700 The Strand is fairly close to $6 or $7m, look down to a better location down south, where 204 The Strand fetched $6.1m and 208 The Strand got $6.8m in Spring 2009 – there's a big new double-lot home going up there.
But there's fodder for an argument that 1700 is worth closer to $5m if you look at 3216 The Strand, selling for $4.7m a year ago August.
There is this other big issue – you get your 50%, and then what? When can you cash back out for a nice profit? So many questions. No one has jumped in 380+ DOM.
228 34th (4br/4ba, 3725 sq. ft.) would be DOM Champ, but for a rental period in Summer 2009. This is a North End party house near the beach that failed to sell over a full year in 2008-09, and currently sports 324 DOM on the newest listing, dating back to last December.
228 34th tried offering a convertible Porsche to buyers, but that was long ago. (See "Open-Air Living, Open-Air Driving.") The listing first sought $3.999m, but it's lingering $1m lower now at $2.999m.
952 11th (5br/4ba, 5050 sq. ft.) is just shy of 300 DOM at 286 CDOM right now, but if we give any credit for the 4 more months on market in mid-2009, it's well over 300.
The home's a Spanish bought new in May 2004 for $2.150m. It was offered last year for $2.7m and has lingered at $2.495m (+$345k/+16% over acquisition). As we noted in "Hill Closings - And Issues" back in May this year, the sale of a very similar home at 1009 8th for $2.040m undercut the price for 11th quite a bit.
217 35th Place is about to celebrate the 2-year anniversary of its first run on the market (Nov. 8, 2008), though the listing has taken 2 substantial breaks over that time, so the current DOM is "only" 317.
The home's a small duplex (3br/2ba, 975 sq. ft.) on a 2/3rds-size lot (1650 sq. ft.) at the corner of 2 alleys (Bayview and 35th Pl.). The listing hit the MBC radar as "delusional" when the sellers first sought a 50% markup over their March 2006 acquisition price ($990k) to $1.5m in early 2008. Since June this year, the markup has been more modest: the sellers want $1.055m.
About 250 DOM
What's that, another high-mileage Strand listing?
Yes, this time it's
1600 The Strand (3br/5ba, 5225 sq. ft.), a high-style 80s modern pulled together with steel and glass, and featuring a rare rooftop pool.
The once-and-always price, $13.5m, exceeds by nearly $2m the highest price paid for a Strand home last year: 1800 The Strand, which went for $11.65m.
This one is about to log 9 months on the market, waiting for that dream buyer that wants something architecturally unique and at the highest possible end of the price spectrum for MB.
That's our look at the current crop of high-exposure properties. We'd pull in another half-dozen or more listings if we drilled down near 150 DOM, but a mere 5 months is no record, nor any assurance that a property will fail to sell over the long haul.
Meanwhile, some of this crop has already seen a Turkey Day or Christmas on market, so just another holiday season may be no big concern.
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