Keys for Christmas

Posted by Dave Fratello on Monday, December 24th, 2012 at 6:44pm.

We can chat about real estate all day in terms of data and analysis, but in the end, it's about home. We were vividly reminded of that in handing over keys to a buyer client just the other day (outside MB, as it happens).

So who else will be in new homes for the holidays? Here are a few notable recent sales.

2115 Valley
The biggest price crunch of the bunch came at 2115 Valley (3br/3ba, 3470 sq. ft.).

Now, you'll only see 31% price cut when the start price is way out of whack. But that's the story here at the home we dubbed "The Labyrinth House" in our early-October "Weekend Opens" post.

2115 Valley started at $1.825m, and came down $575k to close at $1.250m

A 1.2-ish price for an odd house on a busy street doesn't seem so bad. You just wonder what was in the kool aid when they first priced it. 

Now, it's time to break out the egg nog at Valley.

Also worth noting is the sale at nearby 2100 Blanche (3br/3ba, 1800 sq. ft.), an awkward 1940s rancher on a big lot (8100 sq. ft.).

This one was described in the listing, improbably, as featuring a "Showcase location" to go with the extra lot size. Where they saw a "showcase," MBC saw"a double-whammy location issue at the corner of Valley and Blanche, both busy streets."

But someone saw the potential here, making a quick deal and going up $30k over asking at $1.430m.

1170 Shelley
1170 Shelley (4br/3ba, 1850 sq. ft.) is a very sharply and recently redone 50s cottage. Crisp, modern and even "futuristic while classic," we said of the style in our review.

The main drawback of this one is that the yard, such as it is, is now all deck. But it's a move-in-ready charmer for the folks who can roll with that.

In July 2011, this one sold for $890k, then came the remodel, and the sale has now closed for $1.170m, or $20k off asking.

1540 11th: $1.900m
1540 11th (5br/6ba, 4850 sq. ft.) feels like the best all-around deal among the late-2012 sales we've seen.

It's a newer (2001) build, quite nice and really big. It compares favorably against several East MB sales this year that have come in at $2m and higher, including 1342 8th (5br/6ba, 4400 sq. ft.) at $2.075m, which had been on the market at the same time for a stretch.

They started 1540 11th at $2.150m, but the final deal here came in much lower: $1.900m (-$250k/-12%). We liked the home, particularly the giant maple in the backyard, but wondered aloud about the location being a drag on value.


You get the sense that timing mattered most here. The property posted its first deal within a few weeks of starting in late August, but that deal died after 6 weeks in "backup offer" status. The final buyers swooped in after the first agreement failed and seem to have used their leverage to make a compelling deal.

Of course, once you've inked the agreement, typically you stop thinking about how "compelling" your deal is, and you start counting the days till you get the keys. For these, they were all in time for Christmas. 
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