Another new listing that isn't so new draws our notice today, because it's down $775,000
from the initial asking price.
A perfectly nice early-90s home – updated in key areas – at 2909 Elm
first went on offer November 7, 2006, at $2.8 million
. That price was really pushing the envelope, garishly high, for what the home is (5br/4ba, 3450 sq. ft., slightly larger lot at 5600 sq ft).
By springtime, the price was down to $2.495m
, and briefly in late June, down again to $2.395m. Even at that level, it was at or above the price of similarly sized, nearby new construction.
In a different market, you could keep waiting to get your price. But in the glutted Tree Section, the writing was on the wall: $2.4m was never going to happen.
Reality intervened. This week:
New agent, new MLS number, and a new price: $2.025m
At the moment, this makes 2909 Elm the lowest-priced home above $2m, and finally it compares favorably with the others at the same price point. (See the MB Market Update
spreadsheets for more.) Now, at least, there's a fighting chance of making a sale.Just had to shake off that extra $800,000.
These cuts brings to mind the shakedown at 108 S. Dianthus
, a Hill Section home that sat for nearly 400 days
before closing $1.25m below
the initial asking price of $4.5m. Yes, it's possible to get your price wrong for a long, long time.
As a buyer, if you knew that Elm had made two steps down – one from a silly price to a semi-defensible price ($-305k), then down again to a more current-market price (-$470k), you might ask: How much lower will they go?!?
That's what re-listing is all about. The new agent doesn't want to answer those questions or otherwise to be saddled with the baggage of this property's listing history, so it's gone
. The MLS #R937139, attached to this home since November, was canceled after 240 days, giving way to #S950200.
So please don't ask about the old listing or old prices, or what's motivating the sellers now – that's rude.