Early-Season Jockeying

Posted by Dave Fratello on Tuesday, January 12th, 2010 at 4:45am.

Inventory remains low for the time being, but some of the pricier listings that have hung around are starting to adjust to freshen up for 2010. Maybe this will be their year.

Among the chops since Christmas, most of them this week (click any highlighted address for more pics & details via Redfin):
  • 529 18th (5br/5ba, 5600 sq. ft.), the once-new Craftsman across from the MB Badminton Club, has cut to $3.599m, down from its start at $4.279m nearly 500 days ago. The home appears to have residents now and some of that "new" cache is rubbing off. The listing had not made an adjustment since last April.
  • 121 17th, which we have to project as a lot value sale down the road, has cut to $3.199m, down from the unnecessarily high start at $3.999m. Still, this is reasonably good movement after 90 DOM, and suggests the sellers are beginning to try to get realistic.
  • 440 6th, a new custom corner flat walkstreet home (6br/6ba, 4200 sq. ft.), is now at $3.898m, down from $4.495m, and perhaps still smarting from a deal that turned out not to be.
And those 3 were the, achem, cheaper of the bunch. There's also:
  • 645 9th, a big and masterful "green" Cape Cod, began in 2009 at $7.9m, but begins 2010 a million lighter at $6.999m. Regular readers know that we like the home plenty, but question the concept of a giant (6br/6ba, 7750 sq. ft.) home being truly "green" in practice.

  • 906 9th, Hill Section new construction (6br/6ba, 5300 sq. ft.) that could benefit from the sub-region's scarcity of listings, now approaching a full year on market, has cut to $4.1m. The listing began last February at $4.8m, and there had been a pre-market deal at or above that price which fell through. This is one of only 2 new Hill Section homes now active, the other noted immediately above. 

  • 216 7th, the downtown walkstreet Tuscan, now at $5.295m, not far at all – pricewise – above neighboring 224 7th and 128 9th. Both of those new homes are somewhat smaller and lack the Tuscan's extras, but both sold new last year for $4.9m. (See "High/Low Prices of 2009, Sand.") 216 7th began at $6.495m and just hasn't found the magic so far.
  • And finally, East of Hwy. 1, the splendid new $10m motor-court home at 116 Terraza is now an $8m home with its second $1m price chop as of Sunday.
There have also been a few re-lists since the turn of the new year without price cuts. The refiling of 2920 The Strand at the same $12.5m price tag would seem to be a pretty clear signal that they don't intend to sell in 2010.
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