Drip, Drip

Posted by Dave Fratello on Monday, January 26th, 2009 at 6:33am.

Last Summer, 215 S. Valley hit the market at $1.650m. (Click address for more pics & details via Redfin.)

At the time
, MBC called that "very pricey for a 4br/3ba, 2500 sq. ft. home that needs all kinds of updating."

That start price withstood the Summer heat and even the first couple of months of the financial meltdown. It wasn't till mid-November that the listing took its first cut, nearly a token move down to $1.580m.

Now, in 2009, the price is melting away at a surprisingly steady rate.

First there was the $100k cut to $1.480m on Jan. 10.

After that, there have been 4 consecutive cuts of $20k each spanning just 2 weeks. The price has now dripped down to $1.399m.

At this rate, 215 S. Valley could be at $1.2m by Valentine's Day. That might be about where it needs to get to find a buyer. We'll see.

We stand by our first take on the house:
215 S. Valley may be a classic example of a home that's great for the family that lives there, but will have trouble finding someone else who feels the same. At $1.650m, it is very pricey for a 4br/3ba, 2500 sq. ft. home that needs all kinds of updating. The home is at the corner of Valley and Francisco (hello, school traffic), and borders the fields at Robinson School (huge back yard!).

The listing itself is confused: Are we selling the home or the lot? When the listing says, "Enjoy now and build your dream home in the future," we think they're talking about the lot.
The South End is great. Proximity to a school can be an asset.

A funky, strange house with front door that opens onto a busy street has issues. Issues get solved by price. We'll keep watching to see how this standoff resolves itself.
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