More Choices in the Trees

Posted by Dave Fratello on Friday, August 24th, 2007 at 5:19pm.

A little over 2 weeks ago, 2822 Ardmore was all alone in the Trees, the only listing below $1.585m.

Having watched everything else get snapped up, they raised their price a second time to $1.399m. MBC speculated that this might be the first successful use of the price-increase tactic.

Things have changed. Current listings:
  • 1409 Oak ($1.225m)
  • 1732 Pine ($1.295m)
  • 3504 Maple ($1.299m)
  • 2822 Ardmore ($1.399m)
  • 637 13th ($1.450m)
Of these, the first two fell out of escrow and re-joined Ardmore. Maple is a new listing and 13th dropped from $1.585m this week.

All of these have challenges. Oak is, well, on Oak, and interestingly it's made of adobe. Sharply remodeled, but different. Pine and 13th are probably best as lot sales, but are overpriced as such.

Maple and Ardmore are move-in ready, but they're both on the smaller side and each has location issues. Actually, Ardmore buyers may have to wait for the sellers to find and close on their new home, which could be a wrinkle.

This segment was very hot for the last several weeks, but it's paused like everything else due to the mortgage mess. If you need to buy in the Trees now, these are your options at the lower end, but wouldn't it be nice to see some improvement in price and inventory?
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