East MB's Newest Shortie

Posted by Dave Fratello on Wednesday, February 1st, 2012 at 4:02pm.

Early this year, 1305 8th (6br/4ba, 4100 sq. ft.) had a notable, quick stroke of luck, making a very quick deal near asking ($1.725m). Yes, 10 DOM in early January is impressive.

1447 8th
When we reviewed that home, we noted that there was a neighbor up the hill by the water tower, 1447 8th (5br/4ba, 4225 sq. ft.), that might pose some competition down the road.

At the time, it was (briefly) listed at $1.869m, which we pointed out "presents no competition at all," given that it is a "1991 home that needs almost everything to be redone."

Suffice to say, that price was preposterous, and everyone knew it. (Did we mention that the home is blank and unattractive and needs everything to be redone?)

Before January ended, much changed at 1447 8th.

Yesterday, $470k came off the price.

A new agent came in, and it became a short sale. It's now up at $1.399m.

Now, suddenly, it's compelling for fixer-oriented East MB buyers. (It's also got a huge, blank yard on this plus-sized 8250-sq.-ft. lot.)

Acquisition dates back to 1991, the home's birth year, when $880k would get you this big East MB home. It's a short sale now due to bubble-era refis. (Hey, Stagecoach, we thought you were conservative in these matters!?!)

Will there be a line at the door?

Well, how many "fixer-oriented East MB buyers" are there? And how many want the hassle of a short sale? And with a recent bloom of better-quality inventory east of the highway, who would bother?

There's one way to find out – put it on the open market right around the Super Bowl.
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