The High End Gets Lower

Posted by Dave Fratello on Thursday, September 6th, 2007 at 4:51pm.

Builders have been trying to redefine the high end in the Tree Section, seeking $3.0m-$3.5m or thereabouts for larger new homes. Some have gotten it, others haven't.

Since May, we've seen 4 new homes close over $3m in the Trees:
  • 925 27th (5br/6ba, 4150 sq. ft.) – $3.0m (-$250k/-8%)
  • 2802 Pine (5br/4ba, 4600 sq. ft.) – $3.1m (never listed on MLS)
  • 927 27th (5br/6ba, 4400 sq. ft.) – $3.15m (-$135/-4%)
  • 712 31st (5br/4ba, 3800 sq. ft.) – $3.325m (-$74k/-2%)
We're also hearing that a new one at 2603 Laurel is in escrow at $3.75m or so.

Nine more homes have been listed since March at $3m+, 6 of them new construction.

Now one of the ceiling-pushers has made a big cut.

At 570 27th, a new Schaar home across from Ladera School, the price began at $3.899m on March 14. It has lingered most of the time since (175 DOM) at $3.75m. Now, along with a bogus re-list, the new price is $3.299m, or $600k lower than the start.

Suddenly, instead of being the most expensive new construction on the market, 27th is cheaper than three new ones and aligned closely with another at $3.295m.

That may give this listing a chance. Another thing that would help would be some new photos. (Click here to view them; and for more on the listing.) We have rarely seen such a poor set for such a pricey new listing. But then, the real issue is getting people to the front door, a completely different art.
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