Look Who's Found Buyers

Posted by Dave Fratello on Monday, March 22nd, 2010 at 7:01pm.

Our ongoing story of this surprising Spring continues to be written by buyers snapping up listings that had been relatively ignored:
  • 317 8th, a South End lot at the corner with Crest, was the longest-running walkstreet offering at about 140 days when a buyer knocked. The price had recently dropped to $1.679m.
When we wrote of "Sand Lots Moving" last week, 8th was the "odd lot out." No longer. And that puts the count of walkstreet lots currently on offer at, roughly: zero.
  • 672 19th (3br/2ba, 1675 sq. ft.), a late-50s cottage with some inspired 50s-revival decor, was last discussed here in "Guest House Returns" in Sept. 2009.
Why "guest house?" Because the owners of a neighboring home had purchased 672 back in March 2006 for $1.550m, in an off-market transaction, to host out-of-town guests and to take advantage of the pool in the back yard.
By April 2008, though, the owners were looking to get out of the guest house if they could get a nice markup, trying at $1.789m. Truth be told, they paid too much in 2006 and were asking far, far too much in 2008.
They came back around Labor Day last year at $1.299m, and waited till Friday – almost 195 DOM – to formally make a deal.
  • 3212 Blanche (4br/5ba, 3000 sq. ft.) may be the biggest surprise on today's list, given that the same home at about the same price ($1.849m) was rejected by the market in both 2008 and 2009, in 2 separate listings.
In a recent "Sunday Opens" post, MBC said of Blanche: 
The home is sunny and has some treetop views, even The Dune comes into focus nicely. But it's very hard to get past the location on busy Blanche and the lack of a yard. Even in this warm market, homes with issues still need discounts – or at least seller financing, which is teased in the listing.
That's right, the sellers – who paid $1.8m in 2005, and appeared to be trying to limit their losses upon resale – were offering help with the 1st or 2nd trust deed, depending on what a buyer might need.

With fairly quick action here (24 DOM), don't be surprised if the financing was the trick that made the magic happen so soon at Blanche.
Much of the first part of 2010 was about well-priced, newer listings finding buyers quickly. But there's a lot of backed-up inventory that needs action, too – and here are some cases of such listings finding their market. We'll have more to learn when the deals close.
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