Perfect Starter is a Scraper

Posted by Dave Fratello on Sunday, July 22nd, 2007 at 5:22am.

Some months ago, in MBC's inaugural days, we featured a home pitched as "The perfect Tree section starter!"

3521 Elm is a 1200 sq. ft. bungalow in a part of the Tree Section that's pretty forgettable. That the sellers believed that "move-in buyers" should pay just shy of $1.3m for this small "starter" in a minus location was galling.

As MBC said at the time:
To pay $1.2-$1.3m to live in a tiny house here seems like a desperation move.
The months passed, and the market seemed largely to agree.

In June, after this one went pending, the listing agent's ads started to show the home as one of several sales to builders. At that point, it was clear this would be no one's "starter home." It was a scraper.

This week the price came in at $1.150m, 10% off the start price, and seemingly a bit high for the location. Next stop? Part of the Tree Section new-construction glut.
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