False Start at 755 31st

Posted by Dave Fratello on Tuesday, January 17th, 2012 at 6:46pm.

Nice, big Tree Section homes under $2m – they come and go so quickly sometimes.

In the space of a few days, that happened with 755 31st (4br/5ba, 4050 sq. ft.).

But this time, it wasn't because of a bidding war.

This serious, classy "English Country" remodel on one of the Tree Section's great streets popped up 10 days ago as a short sale at $1.875m. Your blog author toured it and shared info with clients, and the place was slightly crawling with other agents and clients – primed, perhaps, to become the next 800 19th. (See "$1.95m for Pacific 'Sensation.'")

Alas, no.

The property, which is currently rented out, now has been leased to new tenants. Apparently, while that short-sale option was being dangled in front of buyers, it was also up for lease or even a lease-option purchase, and now a straight sale is out of the question.

No bidding war – no nothing.

Cue the guy in the striped shirt throwing the yellow flag in the air: "False Start: Sellers!"

Internet real estate shoppers (know any?) might have seen this property in recent months as an FSBO offering or, in past years, also on Craigslist – always over $2.3m, and often with offers of seller financing or "take over payments" (caveat emptor). There's also a further-back history on the MLS, with the home last being offered at $2.375m in late 2010.

The rapid appearance of the listing at a sub-1.9 price less than 2 weeks ago kindled a profound new interest in the property. Can you really get onto 31st for less than $2m, in a home that's very, very well done – even if it lacks a yard?

That's a nice question – an important question – but it won't, apparently, be answered at 755 31st.
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