Flag It As Overpriced

Posted by Dave Fratello on Friday, February 22nd, 2008 at 10:05pm.

Just last year – in April, in fact – someone tried to sell a peculiar house in the Hill Section for less than a million dollars.

It didn't work.

Instead, they sold it for almost $1.3m.

Peculiar 612 11th St. came on the market at $975k and sold for $1.275m in less than a week. (Presumably due to multiple offers.)

Now, peculiar 612 11th is back. (Click address for details via Redfin.)

And this time the sellers shouldn't have the problem of managing a bunch of overbids. They're starting at $1.599m. That's +$324k/+25% over the closed price from last May.

Why do we keep saying "peculiar?" It's the strange "flag lot." This is a polite way of saying it's the back house on a lot appears to be split in two. The "flagpole" is your driveway access to 11th.

Last year, we rated the home a teardown on grounds that the listing pitched the sale as lot value, as we recall. Now, the 4br/2ba, 1500 sq. ft. home is still dated, but spiffier. Not $324k spiffier, but improved.

We'll grant that this is a fairly quiet street and very close to downtown. But isn't $1,000/PSF pricing supposed to be for premium product?

As our online link to the Beach Reporter's Open House listings shows, 612 11th is open Saturday and Sunday, 1-4pm, so take a look for yourself.
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