Fall-ing Prices in October

Posted by Dave Fratello on Friday, October 12th, 2012 at 2:52am.

If there's something that will wake you up to take a look at the calendar, it's a rainstorm that hits after what felt like 9 months of Summer.

Oh, yeah, hey, it's Fall.

And if you mean to sell this year, the clock is really ticking. Find your buyer.

Gotta sell within calendar year 2012 to avoid extra capital gains taxes? Tick tick tick! You have to open escrow before Thanksgiving, 6 weeks from now.

Every seller's got a different situation, of course, but we won't be surprised to see a further burst of price-cutting urgency here as Halloween nears the horizon.

Here are some of the most recent sellers to make cuts, hoping to draw an offer soon.

1250 5th
1210 5th (5br/5ba, 5175 sq. ft.) has lingered quietly on its little exclusive, private drive in East MB, now pushing into its 5th month on market and finally making its first price cut.

It's a $200k cut (-7.5%) to $2.450m, a pretty notable move, though this one still remains a puzzle on a couple of fronts.

The early-90s home really wants some updating, and it's very large – magnifying the remodeling costs. So what are you really into this one for, once you've finished the work? 

It's a very special location, so an updated house might really have value. But it's tough to compare to anything specific.

On a positive note, when we last referenced this home on MBC, we wondered why they were persisting with confusion in the listing about the lot size. Official details said 8500 sq. ft. for the plot; in the description they said 10,500. Now that 10,500 is gone. Discrepancy resolved, 'twould seem.

1034 Duncan Place (5br/4ba, 3150 sq. ft.) is a 2000-built home with a 90s feel, though it has been refreshed and updated and is sharp in places.

It gets ocean peeks, and maybe you'd say views, from a couple of spots, including the rear balcony. To get at those views, it's got an upside-down layout, bedrooms downstairs, master in back – and living spaces up.

Then there's Duncan Place. It's got "alley" right there in the name, effectively, and rightly so.

They launched this one in June at $2.4m, and made a $110k cut in August. The big cut was this week, down to $2.0m, a total of 17% off start.

Wow, we had begun to think sellers could do no wrong on pricing here in 2012, but, yes, they can.

Could bringing it to – or under – $2m bring it into "deal" type territory?

229 9th St. (2br/2ba, 1500 sq. ft.) hasn't been around anything like the time of the listings referenced above – it's just hit 2 weeks on the market.

But when you launch in late September, you'd better be ready to find your level quickly.

And you see that in the 2 quick cuts. This one's down $60k (4%) over that short span, now at $1.479m.

We got the impression at the broker's open that they really want to get this one sold ASAP. The 2br could use a refresher, but it's got a near-downtown location and ocean views that will help it find a new owner. At what number, though? That'll be interesting.








600 N. Dianthus (4br/5ba, 3950 sq. ft.) is up to 7 weeks on market now.  It's the second of the listings we're talking about here that's in the prestigious Hill Section, albeit in another lesser location – and no views here.

This one we called "dated and different" in our initial review, offering the hope that "with some vision it might become a nice family home again."

It's a big house with effectively 2 master suites (the 1st floor guest suite could almost be separate living quarters) and 2 baths in the upstairs master. Ah, luxury.

On this reasonably large 7500+ sq. ft. lot, they didn't provide much of a private yard – the main outdoor space is taken up by a pool, otherwise the front yard. That holds back the appeal for some families.

600 Dianthus is down $200k (-8%) from its start at $2.499m, now at $2.299m.
comments powered by Disqus