Great EscapePosted on Friday, March 28th, 2008 at 10:01pm.
It was a nice discount at the time – our older records show the property was first listed at $1.450m in May of that year.
The purchase was about 18 months ago. Then 523 Marine was back on the market in early late February of this year.
This owner sought $1.379m, and the property sold quickly – less than 3 weeks on the market. (There's some of that going around these days – what's selling seems to be selling fairly fast.)
After a quick escrow, the former owner got $1.340m (-$39k/-3% off list, +30k/+2% over Fall 2006).
Though the price was essentially flat, it seems fair to assume the owner took some kind of financial hit. The buyers' agent's commissions alone, at 2.5%, would be $33k, wiping out the $30k bump over the purchase price. Also, assuming there was a mortgage on the home, you have to consider 18 months' worth of mortgage payments, much of which would have gone to interest. Tax deduction or no, much of that money is simply gone.
Still, in today's market this could have worked out a lot worse. A quick sale and a quick escrow gave the seller a great escape, and the buyer a pretty good deal.
Just down the block, a brand-new listing at 621 Marine has a seller hoping for a similar escape after a shorter hold. This home was purchased in March 2007 for $2.436m. A year later, it's up at $2.489m (+$53k/+2%). Quick sale, anyone?
NOTE: The original story transposed two digits of the sale price at 621 Marine and two digits of the original sale price. A percentage increase was calculated based on those incorrect figures – explaining the first several comments on this story. We regret the errors.
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