Not Settling In

Posted by Dave Fratello on Wednesday, October 27th, 2010 at 4:01am.

If you're still on the market at Halloween, you've got issues. Linger past December 1, and buyers know you mean to sell, though your price may not have hit the bargaining stage yet.

A few newer price chops hint at real motivation by some sellers. But will they be enough to close 2010 with a title transfer?

3116 Manhattan Ave. (3br/3ba, 3300 sq. ft.) has cut 24% from its overly ambitious start at $3.1m, returning recently at $2.350m after a flopped deal.

As MBC said in our first reference, the home:
offers big ocean views, yet tends toward the wacky, with a remodel of a 1940s home that's got odd angles, decor and that rarest of MB finds: an indoor tree. 
The garage-door mural is yet another bonus.


513 17th (3br/3ba, 1700 sq. ft.) earned mention as a "special, inspired remodel on one of the great blocks in the Martyrs area" in our first reference 3 weeks ago, but boy, did the catcalls follow. "Lipstick on a pig" was the harshest judgment.

To our view, the home has a high-style "beach cottage" look, with good family living spaces and a surprisingly ample back yard. (Thanks to a 5200 sq. ft. lot.) But we can see that not everyone views it as a $2m property. 513 17th started at $1.999m and has just cut to $1.925m.

410 31st (3br/2ba, 1600 sq. ft.) is a late-60s original with updates on a corner with Vista up on the plateau.

31st was purchased for $1.450m in Dec. 2005, started at $1.195m in early October and is already down to $1.099m (-$351k/-24%).

A quirky asset is the roofdeck, a very spacious (800 sq. ft., they say) bonus outdoor space, which grabs a sliver of an ocean view. The layout is awkward, with the effective master downstairs in a space that evidently was once a separate, second unit.

420 1st (2br/2ba, 1000 sq. ft.) continues its downward trajectory with a new cut to $975k. And we'd be surprised if that's the end.

The little 2-building cottage, next to a school parking lot, was acquired for $1.075m in June 2007 and freshened up a lot. Efforts to secure a markup failed, understandably, and now the question is how far down the next buyer will drive it.

As some measure of renewed seriousness, the sellers just posted a sign in front for the first time in a while.

They've been very slow to adjust the price at 1605 Pine, a weathered and broken – and vacant – older cottage that, we once said, "fairly begs, 'take me down to the studs and start over.'"
 
It's under $900k now at $879k, still down just $80k from its start, but starting to show some real movement as we near 90 DOM.

Nice location, but the description of this home as a "white picket fence charmer" has just 3 accurate words.

1305 Church (4br/4ba, 3100 sq. ft.) just pulled a bogus re-list after a bigger name (?) in the same office took a lead role on the listing.

Regardless, the property has run 10 weeks without a buyer and maybe needed some kind of boost. The cut to $1.979m from $2.2m is actually a month old.

As MBC said in "Messages Behind the Cuts," back then, the sellers seemed to be saying:
We still think this is a beauty, a premium property, but hey, we overshot to begin. We get it.
We still love the home, having gone on record labeling it "a brilliantly authentic-feeling, newer Spanish that's full of inspired, unique details," but the lack of a yard is going to be a drag.

They fix things like that with price.
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