Overlooked No More

Posted by Dave Fratello on Tuesday, August 4th, 2009 at 6:30am.

Months upon months have gone by, and we sort of forgot about Santa's house.

633 15th (6br/4ba, 6000 sq. ft.), on a double-wide 12,500 sq. ft. lot, had been for sale since long before last Christmas. May 2008, to be exact.

But now Santa's got a deal, and he's not the only one ho-ho-ing.

(Break to explain: The current owner of 15th has put up garish, fun, neon, Tommy Bahama-inspired decorations around the Holiday Season each year for quite some time, punctuated by a life-size, 24/7 dancing Santa at the gate, among other diversions.)

633 15th began way high at $5.495m, and was last at $4.295m. MBC speculated in "Big Tree Lots" that it might sell as dirt:
For the money, the build is not impressive. (Don't even get us started on the attached "guest house.") So it has lingered, and if it were to gradually near $4m, that could be lot value.
Soon we'll see what people liked best about 15th. Giant Santa throne included?

Little claps, too, for 224 32nd (4br/5ba, 4250 sq. ft.).

An older, smaller building here was purchased for $2.8m in Sept. 2005, flipped for $3.090m just 6 months later, before a undergoing a big remodel. It was then offered, nearly all-new, at $4.790m almost exactly one year ago.

That price was preposterous for a flawed and incompletely realized remodel burdened with subpar materials and a North End location that wasn't getting any better with age. With no takers, the original investors had to radically adjust their expectations.

224 32nd was last at $2.999m, a trickle below the pre-remodel acquisition price. We'd bet on further punishment when the final price comes in.

Finally, one of the MBB condos – putatively in the Hill Section – at 1110 John has a deal (again; the first one flopped). (For more on the complex as it first came to market, see "A Surprising Development on MBB.")

This 3br/2ba, 2475 sq. ft. condo began at $1.793m, chopped to $1.525m at the time the first deal was made, and was at $1.250m when a new buyer came along, a total chop – so far – of $543k (-30%).

We still don't know why the ultra-modern MBB condos were built or who would dive in and grab one, given the options. Yet price can cure many defects. Let's see where "new" meets "close to downtown" plus "busy street" in the eyes of the market.
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