Perfectly Priced

Posted by Dave Fratello on Monday, August 2nd, 2010 at 7:00pm.

It doesn't happen often, but sometimes a start price is absolutely perfect.

2817 N. Valley just closed for $1.799m, precisely its start price from late May. The listing ran just 20 DOM.

The home itself is a big (4br/4ba, 3625 sq. ft.) 1999 build, with upgraded baths. The Valley location obviously lowers the value, but several newer homes we've seen on market along Valley in recent years have been well designed to minimize impacts like this one. (Another that's currently on market is the comparably size beaut at 3011 N. Valley, now $1.649m.)

The important point here is: Sometimes you just nail the start price. A few other recent examples:
562 35th
  • 562 35th (3br/3ba, 2000 sq. ft.), a truly gorgeous, upgraded, not-so-big cottage that debuted in March at $1.575m – very bold for a the size and armory-adjacent location – and yet within about a month they had a full-price deal in place, with a close in late April;
  • 1312 Walnut (4br/3ba, 2100 sq. ft.), an older cottage with some good remodeling inside, started in March at $1.250m and had a buyer offering 100% within 2 DOM. (From the description: "this classic corner home appears innocuous on the outside...but step inside... WOW!");
  • 672 19th (the "guest house"), after failed listings in prior years, began in Sept. 2009 at $1.299m, lingered determinedly, and sold this April, after 200 DOM, for $1.300m;
3201 N. Poinsettia
  • 3201 Poinsettia (5br/4ba, 3300 sq. ft.), a late-90s Mediterranean with some updates, started up at $1.679m in late March and made a deal at that price after 49 DOM;
  • 517 5th (3br/2ba, 1475 sq. ft.), down on the flat South End walkstreets, reached above $1,000/PSF and got it – start: $1.699m, close: $1.700m ($1,152/PSF);
  • 455 35th (4br/3ba, 3075 sq. ft.), a nice remodel up on the plateau in the Sand, began at $1.599m last year, found a deal but canceled out, then came back again this April at the same price and made a full-price deal in 4 days; and
  • 215 S. Valley (4br/3ba, 2550 sq. ft.) came on this February after past, failed, overpriced listings, this time determined to make a sale. With a start at $1.235m, the sellers proved that they had finally read the market right – a deal came within 7 weeks at $1.235m.
So, not every new listing starts out 5, 10, or 15% overpriced – that's just a common syndrome. These sellers got it right on the first try.

Granted, we're looking back here at a lot of listings from our busy, busy Spring, and that's not what the atmosphere feels like today, but a win is a win, no matter what time of year you get it.
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