A Nice Little BurstPosted on Friday, September 12th, 2008 at 4:46am.
Gone in recent days (highlighted listings are still viewable at this writing via Redfin):
400 3rd (pictured), a sweet Nantucket in the quiet South End, offering 4br/4ba and 4000+ sq. ft. on a corner lot. It began in March at $3.499m and cut to $2.999m after a change of agents. It was Mrs. MBC's pick when it first hit the market.
2611 Palm, one of the last cookie-cutter Caliterranean homes on the market in the Trees, finally made a deal after 600+ DOM and about $500k in price cuts. Even more challenging, the builder was in default (see "Palm Blues") on the loans and the bank was moving. Just last month, the print ads began to scream: "Bank Says Owner Must Sell." And he did. Last at $1.999m.
1829 Poinsettia, as we mentioned the other day (see "Reality on Poinsettia"), after about 475 DOM.
841 12th Ct., the quick flip we discussed in "A New Lot Flip" last month – a little crusty cottage that went for $950k and was up anew at $1.1m the day after it closed. It is actually livable if you replace everything, so the bulldozers might be held at bay.
1031 Boundary Pl. (pictured), a Hill Section home with plenty of space (3br/3ba, 2950 sq. ft.), a large lot (6800 sq. ft.) and some ocean peeks, which dwindled from $1.699m to $1.499m before making a deal. We called it "funkytown, alarmingly near to Sepulveda" in this story.
768 26th, a little cottage (3br/2ba, 1450 sq. ft.) with some updates in a tucked-away part of the Trees, featuring a large lot (6100 sq. ft.) and a pool. Also, due to the FSBO situation, one of the most bizarre open-house experiences we've heard about. Lasted 6 weeks at $1.474m.
So we've cleared out some old and some really old inventory, and we're about to see just how badly 841 12th Ct. was priced below market when it first came on in early August at $950k.
And September 2008 is already lining up to be considerably better than September 2007. You'll recall that the spinning gears of the financial system locked up last year in early August, and home sales everywhere (yes, including MB) took a dive thereafter.
September last year was the first month of true shock, with just 7 SFR listings west of Sepulveda going into escrow, by MBC's count. We've got 6 now and most of the month to go.
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