Dealing on Palm

Posted by Dave Fratello on Wednesday, May 4th, 2011 at 6:30pm.

Only last month, you'd have been in for $3.6m to take title to 2916 Palm (5br/4ba, 3425 sq. ft.), a splendid, higher-end Cape Cod in a nice, if B or B+, location.

The list price is down a bunch now as they're trying to get 'er done. 

First, the next-door lot at 2912 Palm was lopped off the listing. There weren't going to be buyers who wanted a double-lot estate on Palm north of Valley, and the sellers conceded that pretty quickly by ending the odd 2-for-1 deal.

The question was, what was 2916 worth, by itself?

There was chatter we heard at the beginning to the effect that it should go for $2.4m separately. With a late-2005 purchase of the home new at $2.499m as one measuring stick, that seemed a bit high.

We got wind of the first big price cut to $2.199m right before it posted, and viewed that as an aggressive move that would probably draw bids.

That was more than 3 weeks ago, though, and there's been no ink to smear down there on the bottom line. Interest, hovering, circling, sure – but no deal.

So the next aggressive push is another new $100k discount to $2.099m. And we're told this is while there is an offer in that's been countered.

The price cut should bring even more folks to the party. But will they come just to look at the art, or to buy? Will we see multiple bidders now that one is firmly in?

2916 Palm will sell, that seems to be assured. The owners are moving back east for a job. The action on the listing reflects a determination to seal this up.

When Palm goes, it will be at the upper tier of comparable sales in the Trees on standard-size lots. The 4 most comparable sales in the past year would be:
2100 Pine
  • 2504 Pine (5br/5ba, 3600 sq. ft., 4480 sq. ft. lot) at $1.979m;  
  • 3212 Maple (5br/5ba, 3440 sq. ft., 4640 sq. ft. lot) at $2.100m;
  • 757 30th (5br/4ba, 3350 sq. ft., 4800 sq. ft. lot) at $2.125m.
Of those, only one (2100 Pine) was of a comparable style – the rest were Caliterraneans of various stripes – and none had the pedigree or finish work of 2916 Pine, though again 2100 Pine was close. All of these sales came in between $1.979m-$2.125m.

There was one anomaly we left out above – a lush, custom Cape Cod at 592 31st (5br/5ba, 3750 sq. ft. on a 4800 sq. ft. lot) – west of Blanche – that fetched a stunning $2.551m in June 2010.

2916 Palm aspired to those heights at first, but will now fall in somewhere with the pack.
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