Not So Delusional – NowPosted on Tuesday, January 6th, 2009 at 5:12am.
A bit more than 7 months ago, a head-scratcher of a listing popped up in the Hill Section – 1015 Boundary Place. (Click for more pics & details via Redfin.)
The mid-century home on an alley near Sepulveda really should have been a $1.5m-type offering, but it was priced near $2.5m (at $2.480m) out of the gate last Spring.
That seemed to us to be breathtakingly out of whack. MBC readers agreed. We provided a list of 3 newer listings in mid-May 2008 and asked readers to vote on the question: "Who's Most Delusional?" 1015 Boundary won in a landslide, with 52% of the vote.
In September, Boundary chopped substantially to $1.759m – a single cut of $721k/-29%. No takers. Eventually, the listing took the holidays off.
This week, it's back at $1.579, a figure that's strangely similar to the old price, but lower again. The listing is now down $901k/-36% from that start – we can all agree it was delusional, now, can't we? – and it is starting to look more reasonable.
That price for 3br/3ba, 2400 sq. ft. yields a PPSF of $658/PSF for Boundary, putting it on a par with the two similarly sized homes priced just below it in the Hills:
- 856 11th (4br/3ba, 2225 sq. ft.), at $1.479m and $665/PSF; and
- 234 Larsson (3br/3ba, 2300 sq. ft.) at $1.449m and $630/PSF.
Speaking of magic, they've changed the pitch for Boundary, too. Noting that the livable area consists of one 1800 sq. ft. space and a separate 600 sq. ft. "work/studio space," the listing touts the benefits of working at home.
1015 Boundary, you see, does not have a chopped-up layout, it is:
a place to be part of a movement: a place to bring home and career into the same holistic locale; a place that inspires a kind of life that's free from the grind of a commute, that is private, serene and more planet-friendly.Amen to that, sure, but why not mention that you can also sell carbon offsets to help pay the mortgage?
We're not sure that $1.579m is the magic price for this home. Last we checked, that was still a lot of money, and there was a growing proliferation of options – some not so, er, environmentally friendly. But you have to give credit when people are trying.
As to those other "delusional" listings – one, 1705 Pacific, trimmed a bit last Summer but quit the market, indicating that they were just toe-dipping. (Not that there's anything wrong with that.) The other, 217 35th Place, is still asking for a 50% markup on a small duplex bordered by two alleys, with no cuts after 235+ DOM.
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