Lowe-ring the Price

Posted by Dave Fratello on Friday, January 16th, 2009 at 4:37am.

In baseball news this week, the Dodgers lost pitcher Derek Lowe as a free agent to the Atlanta Braves.

Rumors of a depressed market for pitchers like Lowe proved untrue. He got a 4-year, $60m deal.

Knowing for certain he's out of LA, Lowe responded by dropping the price on his home, 204 19th (click for pics & details via Redfin), by $500k on Thursday.

Purchased new in Aug. 2006 at $5.0m, the home (4br/4ba, 4260 sq. ft.) is now listed at $5.2m, after about 4 months on market.

The property has also enjoyed the distinction (!?!) of being featured by the Real Estalker, in this story. (MBC readers know we don't normally name parties in RE transactions – or anyone, really – unless the names are out there anyway, as in this case.)

So how does $5.2m stack up? Nearby:
  • 220 19th (5br/4ba, 4325 sq. ft., 2001 construx.) sold in December for $4.850m.
  • 215 19th (pictured) (4br/4ba, 4250 sq. ft., 2002 construx.) was offered for the final 3 months of 2008 at $5.0m, but canceled around year end.
  • 228 20th (5br/5ba, 4150 sq. ft., 1999 construx.) is offered currently for $3.899m.
At this moment, the only real, direct competition for Mr. Lowe's walkstreet beauty is a brand-new, much brighter Cape Cod on other side of downtown, at 224 7th.

That one's at $5.695m at the moment, in line with 3 comparable sales at $5.6m last year.

204 19th should always stay a few steps beneath 7th, pricewise (it was 5 bucks higher before this cut), but, for now, there's plenty of room between the two.

The real question, as we anticipate a sale on 19th, is whether this seller feels any urgency to unload the property, or is happy to let the innings roll on and on until he gets his price.
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