Deal is Done on Elm
Posted on Saturday, February 2nd, 2008 at 5:28pm.
Now we have a final sale price on 2413 Elm – $1.575m.This large remodel (4br/3ba, 3300 sq. ft.) began July 11, 2007, at $1.799m. It crept down to $1.625m before going into escrow in early December.
The closed price is -$224k/-12% from start, and works out to $477/PSF.
As MBC noted in "Shaking the Trees," when the price was still $1.699m:
This is not a bad house. It's quite large (4br/3ba, 3350 sq. ft.) and has some charms as well as some challenges. Some of the design and remodeling are adequate or nice; some feel dated (it's just an 80s thing).This is the fifth home in a row in the Tree Section below $2m to close for 12% or more below its start price. In fact, the last 10 homes to close in the Trees have closed for 11%-28% below their start prices, including 3 new homes in the $2m+ range.
We don't love the impossible entry – a downhill hike along concrete steps – and the master bath needs an expensive overhaul. The location, second house off Marine, is a big minus, even if you don't notice it once inside.
So homes are selling, and adjustments are happening with those that do sell.
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