Maybe They Lost the War

Posted by Dave Fratello on Friday, June 13th, 2008 at 5:57am.

It seems like several characters in our local real estate drama want to get noticed this week.

In the Hill Section (kinda), a 1950s-vintage house on an odd "flag lot" at 612 11th has hit the MBC radar twice in the past year or so.

In April 2007, the owners tried – oh, they tried – to sell the home for less than $1m; actually $975k, to be specific. They failed. A bidding war broke out, and it went for $300k more.

The new owner apparently spiffed up the home a tad and rented it out, but several months later decided it was flippin' time. On Feb. 20, 612 11th hit the market at $1.599m. (See "Flag It As Overpriced.")

We wondered if maybe they were kidding. They weren't. No improvements, a 10-month hold, and suddenly a 25% ($325k) increase in value?!?

Here is what is great about 612 11th – the flag lot, which is sort of a way of saying the location. You're surrounded by other people's yards. It's quiet. It's near downtown.

But the house is a bit of a dog, and the current owner overpaid.

This is not just MBC's view, it's the owner's view, now, too. On Thursday, the price dropped to $1.199m, $76k less than last April's purchase price.

A year ago, the owner won the bidding war. Or maybe lost.
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