It Wound Up Flat

Posted by Dave Fratello on Friday, March 7th, 2008 at 12:40am.

One of the longest-running listings in MB finally made a deal in late January, after 10 months on the market.

Now, 232 30th Place – formerly 3009 Highland – has closed for $1.271m, just $46k more than its July 2005 purchase price. A standard 2.5% buyer's agent commission would be $31k, meaning the sellers lost money if they paid their listing agent more than $15k.

MBC first took note of this listing in April 2007 (see "Decelerating Returns"), noting that the home had changed hands several times during MB's price runup. Here, again, are the recent sale prices:
  • $510k in Oct. 1999
  • $789k in July 2003
  • $1.225m in July 2005
  • $1.271m in March 2008
We noted in that first story that the sellers were hoping for a "modest 10% gain" at the time. These many months later, the closed price is essentially flat against that Summer 2005 price.
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