Getting Shorter

Posted by Dave Fratello on Thursday, November 29th, 2007 at 6:20am.

As the weeks and months pass, the market value of 1313 Oak is approaching its Dec. 2004 sale price – $1.525m.

It was just three weeks ago that MBC noted that this home was now officially a short sale. That was with a price of $2.199m. Now the price is at $1.999m, off another $200k.

In our last story (see "Get Shorty") we noted that, at $2.199m:
The shame is that this home is still overpriced. A certifiable beauty down the block at 1725 Oak, built at about the same time (2004), sold quickly last month for $2.050m (but it was listed at $1.979m). It was about the same size as [1313 Oak].
Now, $1.999m at least puts 1313 Oak in the same ballpark as a recent comp on Oak.

Let's not forget how high of a moonshot these sellers tried to pull. Last year, this home was up for $2.799m for a time – $800k above the current list, and $1.3m more than the owners paid. There was some time off the MLS before it came back at $2.490m on May 24 this year. The current price is down $490k (-20%) from there.
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