losses 
There are currently 36 blog entries related to this category.
Hard Luck House Turns Lucky
Thursday, May 9th, 2013 at 11:47am. 245 Views, 0 Comments.
To say that 217 9th St. has been offered for sale for a long time might miss the point.
It came to market in February 2012, hoping to strike while last Spring's market was just starting to heat up.
But at $3M, this little 3br/3ba, 1700-odd sq. ft. modern on a half lot did not look like a deal. It began at $1,701/PSF, much higher than you'd find on The Strand.
The listing limped through Summer last year and only made a big, bold cut when a new agent took over in October.
That cut dropped the asking to $2.500M. Still steep.
Another 6 months passed, but now the little modern city house has closed for $2.250M. Officially, 309 DOM tolled for the property from Feb. 2012 through April this year.
Sure, that sale was 24% off the start price, but
…Close the Books on 1801 Palm
Monday, February 13th, 2012 at 8:25pm. 273 Views, 0 Comments.
They have finally sealed up a sale at 1801 Palm (4br/4ba, 3900 sq. ft.), a newer (2000) home that logged a fairly amazing 279 DOM last year. Amazing, that is, for a larger, nice Tree Section home on a great block and a sunny corner lot.They wrapped it up at $2.100m, down an irrelevant $29k from the last price cut made in July 2011.
The sale price is off $199k (-9%) from the start price from last March.
Perhaps more interestingly, the chop is also 10% down from the May 2004 acquisition price of $2.325m. MB's median price for 2011 for SFRs was pretty much flat to 2004 (see "2011 Wrap: More Sales, 2004 Median"), so we notice when someone comes in notably off that line.
Curiously, that prior listing began in March 2004 at $2.050m, perhaps begging for the…
What Year Is It on Pacific?
Wednesday, December 7th, 2011 at 6:00pm. 157 Views, 0 Comments.
Having just reported on the spectacular, and surprising, fall of a west-of-Highland, ocean-view home, we have a similar story to return to in the Tree Section.
2610 Pacific (5br/5ba, 3225 sq. ft.) has not lacked for mentions here at MBC, given that it has logged hundreds of DOM over the past couple of years with multiple agents. It has almost always been considerably overpriced.
You may remember the backstory here, but it's worth a recap. In 2005, one particular investor bought up 3 properties in the Tree Section within a few months – each $2m or more – to serve as rental properties while banking on the appreciation to enhance the investment. This was one.
Instead, something like "reverse appreciation" happened. In 2009, both 2610 Pacific and 3313 Pine,…
2610 Pacific (5br/5ba, 3225 sq. ft.) has not lacked for mentions here at MBC, given that it has logged hundreds of DOM over the past couple of years with multiple agents. It has almost always been considerably overpriced. You may remember the backstory here, but it's worth a recap. In 2005, one particular investor bought up 3 properties in the Tree Section within a few months – each $2m or more – to serve as rental properties while banking on the appreciation to enhance the investment. This was one.
Instead, something like "reverse appreciation" happened. In 2009, both 2610 Pacific and 3313 Pine,…
Close the Books on 1901 Poinsettia
Thursday, December 1st, 2011 at 9:05pm. 276 Views, 0 Comments.
It was once a $2.5m offering, then a $2.0m sale, and now...
1901 Poinsettia (5br/5ba, 3200 sq. ft.) has closed for $1.810m.
Call that a 10% drop from acquisition, back in March 2008.
All in all, that's an impressive job of holding value here for a property that had lost the caché of "new" when coming up for resale this year. And we certainly know of other peak-year purchases that have lost more like 15-20% on resale.
The buyers back in 2008 had shaved a cool half mil off the overly ambitious start price. Perhaps they felt that, even with the nasty winds blowing at the time, the housing market starting to shake and rattle even here in MB, they had "baked in" the potential for future market declines. Nabbing a new home for an even $2.0m gave them one of the…
1901 Poinsettia (5br/5ba, 3200 sq. ft.) has closed for $1.810m.Call that a 10% drop from acquisition, back in March 2008.
All in all, that's an impressive job of holding value here for a property that had lost the caché of "new" when coming up for resale this year. And we certainly know of other peak-year purchases that have lost more like 15-20% on resale.
The buyers back in 2008 had shaved a cool half mil off the overly ambitious start price. Perhaps they felt that, even with the nasty winds blowing at the time, the housing market starting to shake and rattle even here in MB, they had "baked in" the potential for future market declines. Nabbing a new home for an even $2.0m gave them one of the…
Hey, Didn't They Just Buy That? – Part 2
Thursday, November 3rd, 2011 at 4:15am. 243 Views, 0 Comments.
It's a curious thing when someone buys a house and then puts it right back up for sale.
No one flips houses anymore, do they?
But that's one way to look at 469 28th, a sizable (4br/4ba, 3025 sq. ft.) and fairly new home up on the plateau in the Sand Section.
The 2004 build hit the market in late April this year and cut a quick deal for a cool $2.0m. The deal closed in June, less than 5 months ago.
After a certain amount of smashing remodeling, here it is back up on public offer.
In November.
For 16% more: $2.325m.
We're assured that this wasn't intended as a flip, but as a custom re-do for the new owners. And then something else came along. So if/when they can find a buyer, the next thing happens.
We'd like to get a look inside to evaluate the changes, and we…
No one flips houses anymore, do they?
But that's one way to look at 469 28th, a sizable (4br/4ba, 3025 sq. ft.) and fairly new home up on the plateau in the Sand Section.The 2004 build hit the market in late April this year and cut a quick deal for a cool $2.0m. The deal closed in June, less than 5 months ago.
After a certain amount of smashing remodeling, here it is back up on public offer.
In November.
For 16% more: $2.325m.
We're assured that this wasn't intended as a flip, but as a custom re-do for the new owners. And then something else came along. So if/when they can find a buyer, the next thing happens.
We'd like to get a look inside to evaluate the changes, and we…
-1% Since '07?
Friday, October 14th, 2011 at 3:21am. 178 Views, 0 Comments.
The MB median price is down over last year – down even from the bottom year, 2009, west of the highway. So how would you do now if you tried to resell a 2007 purchase?
Lots of peak-year resales have trouble recouping their original sales prices.
To cite just one example we've recently cited here, the newer, ocean-view TH at 2211 Bayview fetched 13% less than its 2007 acquisition price in a recent open-market sale.
No big surprise there – the years 2006-07 largely mark the peak of local RE. You expect some dropoff.
But as we see in the case of 605 33rd (5br/5ba, 3750 sq. ft.), an off-market sale might be the way to pull off a minor miracle – reselling for a 2007 price.
Late last week, 605 33rd posted a sale at …
Lots of peak-year resales have trouble recouping their original sales prices.
To cite just one example we've recently cited here, the newer, ocean-view TH at 2211 Bayview fetched 13% less than its 2007 acquisition price in a recent open-market sale.
No big surprise there – the years 2006-07 largely mark the peak of local RE. You expect some dropoff.
|
| 605 33rd just sold for $2.475m off market. |
Late last week, 605 33rd posted a sale at …
Another Trade at 864 12th Ct.
Friday, August 19th, 2011 at 12:14am. 274 Views, 0 Comments.
It was nearly 4 and a half years ago, in MBC's 9th post, that we posed this question: "What's Up with 864 12th Ct.?"
We called the little home a "frequent flier on the MLS," noting these bubble-era trades of the home:
In March 2007, the owners were trying for another little markup to $1.549m – more than $1,000/PSF for a Tree Section house backing up against a commercial parking lot. Wow.
But when we were asking "what's up with that?" in 2007, we had the sense that the sale wouldn't happen, and it didn't. The listing quit, and we didn't hear more about 864 12th Ct. (4br/2ba, 1500 aq. ft.) again.
Until recently,…
We called the little home a "frequent flier on the MLS," noting these bubble-era trades of the home:- Aug. 2002: $850k
- Aug. 2004: $1.150m
- Aug. 2005: $1.469m
In March 2007, the owners were trying for another little markup to $1.549m – more than $1,000/PSF for a Tree Section house backing up against a commercial parking lot. Wow.
But when we were asking "what's up with that?" in 2007, we had the sense that the sale wouldn't happen, and it didn't. The listing quit, and we didn't hear more about 864 12th Ct. (4br/2ba, 1500 aq. ft.) again.
Until recently,…
Prime Spot, 20% Hit
Wednesday, August 3rd, 2011 at 5:15pm. 207 Views, 0 Comments.
There's a little pocket of the Tree Section north of Valley that seems to cast a magical spell.
The short segment of Poinsettia between Valley and 31st is a block that, nearly 4 years ago, we called: "a little slice of storybook-perfect suburbia, a unique couple dozen homes sharing a tree canopy reminiscent of towns much farther east."
In that mid-2007 story, "The Street Where Listings Don't Last," we noted a few quick sales that year. Maybe the bubble was popping then, but that didn't much matter to buyers who wanted "in" to that little block.
One of those quick sales from way-back-then hit the market again this year. Turns out, getting out was much harder than getting in.
3005 Poinsettia (5br/4ba, 3250 sq. ft.) is the recent resale in question. It's a…
The short segment of Poinsettia between Valley and 31st is a block that, nearly 4 years ago, we called: "a little slice of storybook-perfect suburbia, a unique couple dozen homes sharing a tree canopy reminiscent of towns much farther east."
In that mid-2007 story, "The Street Where Listings Don't Last," we noted a few quick sales that year. Maybe the bubble was popping then, but that didn't much matter to buyers who wanted "in" to that little block.
One of those quick sales from way-back-then hit the market again this year. Turns out, getting out was much harder than getting in.
3005 Poinsettia (5br/4ba, 3250 sq. ft.) is the recent resale in question. It's a…Big Rewinds From '05 Prices
Friday, June 24th, 2011 at 2:20pm. 254 Views, 0 Comments.
Two recent Tree Section sales were significant setbacks for the sellers, at big discounts over their 2005 acquisition prices.
2916 Palm (5br/4ba, 3425 sq. ft.) is a home we've called "a splendid, higher-end Cape Cod in a nice, if B or B+, location."
At first it was offered in March at $3.6m, with the next-door lot (2912 Palm) included. The notion was that someone might knock down the rental home there and make it a yard for a double-lot "estate" on Palm. This was met by giggles and raspberries. Within 10 days, the Cape Cod alone was offered for $2.199m, which we considered a pretty nifty deal at the time.
Turned out, with a seller moving to take a new job elsewhere, the price kept pushing down and the property was marketed aggressively as a bargain to be…
2916 Palm (5br/4ba, 3425 sq. ft.) is a home we've called "a splendid, higher-end Cape Cod in a nice, if B or B+, location."At first it was offered in March at $3.6m, with the next-door lot (2912 Palm) included. The notion was that someone might knock down the rental home there and make it a yard for a double-lot "estate" on Palm. This was met by giggles and raspberries. Within 10 days, the Cape Cod alone was offered for $2.199m, which we considered a pretty nifty deal at the time.
Turned out, with a seller moving to take a new job elsewhere, the price kept pushing down and the property was marketed aggressively as a bargain to be…
Another 10% Off an 'Investment'
Monday, June 13th, 2011 at 9:18pm. 281 Views, 0 Comments.
Back in February, in "Underperforming Trees," we took note of a 3-pack of Tree Section homes all snapped up in 2005 by an investor. The homes became rentals on the apparent assumption that the homes would appreciate in value and resell later for a tidy return.
We needn't say this, but the plan didn't pan out.
One, 3313 Pine, sold off-market in July 2010 for $2.040m, 10% below its Dec. 2005 acquisition price ($2.265m). A second, purchased for $2.0m in August 2005, has never been put back up for sale (for that reason we don't give the address).
The third home from that group has a been offered back to willing buyers a couple of times in recent years, though it's technically logged "only" 220-ish total DOM so far. Most of that time it has been considerably…
We needn't say this, but the plan didn't pan out.
One, 3313 Pine, sold off-market in July 2010 for $2.040m, 10% below its Dec. 2005 acquisition price ($2.265m). A second, purchased for $2.0m in August 2005, has never been put back up for sale (for that reason we don't give the address).
The third home from that group has a been offered back to willing buyers a couple of times in recent years, though it's technically logged "only" 220-ish total DOM so far. Most of that time it has been considerably…
