Poll: 1805 John Price Predictions

Posted by Dave Fratello on Friday, March 16th, 2012 at 2:10pm.

What would you pay for a rare lot in the Martyrs area of the Tree Section?

Well, maybe that's the wrong question, because someone just paid more than you would consider.

Over at 1805 John St., they just held something of an auction.

We're inviting you to vote in our new pricing poll, to guess what the closing price at 1805 John might be. Take your best guess; we'll run the poll till next Tuesday, 8pm.

Turns out, there weren't only 18 bidders. Last count was 20. One offer has now been accepted.

Twenty bidders reflects a lot of things. Scarcity. Rareness. A market that's heating up. The fairly prime location. (It's clearly an A if we can allow that there are also A+ and A++ locations, objectively.)

Mix into that the wild range of interests among those 20 buyers.

You could have people who just want a nicely located Tree Section home who, with a few upgrades, would be happy. (Admittedly, this is difficult to imagine, given the actual house on site.)

You definitely had people who would consider a bold remodel, with some partial scrapping of the current structure, some additions, tons of modernizing – it's almost hard to call it a remodel, but the city would treat it as such.

And then there would be the lot-value bidders.

Spec builders. (At least 3 were in the mix, probably more.)

Custom builders (people looking to make that lot into their dream home).

No surprise, then, with a mix like that, that a $1.1m start price would go up, up and up.

With 20 initial bidders, everyone was given just one chance, blindly, to increase their bids. A single "best and final" response. How high would someone go?

Blind betting like this is dangerous, isn't it? At least in an auction you'd know what someone else was willing to pay.

So what do you think the "winner" of the John "auction" offered?

Vote in our poll, and we'll compare our results here to the closed price in about 3 weeks when the deal for John wraps up.
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