Poll Results: 3601 LaurelPosted on Monday, November 15th, 2010 at 11:05pm.
It seemed obvious that the corner-lot cottage (3br/2ba, 1530 sq. ft.) near Rosecrans and the refinery had begun too high.
Within the week, the sellers agreed, dropping $200k from the start price just 8 days into the listing – a quick self-correction. That brought the asking price down to $1.4m.
Now that we've closed the latest MBC pricing poll, it's safe to say that those voting believed there's a lot more cutting in 3601 Laurel's future.
A plurality, 35%, thought the property to be worth less than $1.0m.
To create this chart, we had to combine the top 3 price tiers we offered in the poll just to show you the tiny sliver of 4% who thought the home's worth might be more than $1.3m.
In all, just one-third (34%) agreed that Laurel should command anything more than $1.1m. (Take note of that lonely third being consumed by the red-and-pink Pac-Man that is the majority opinion.)
This was one of the most bearish takes we've seen on a property. There's been some talk during the week's worth of voting that MBC readers were being unreasonable.
We'll see. It's understandable that people would look at the location and apparent condition and value Laurel somewhat closer to a lot sale.
That raises the first question, what's the land value? There are 2 Tree Section lots struggling to get $800k right now – 1801 Elm ($850k) and 3401 Palm ($799k), plus another, with the best location of the 3, probably headed near there, too (1605 Pine at $879k).
All of those are smaller than 3601 Laurel's 5400 sq. ft. corner lot, but all have better locations to some degree. The land under Laurel could be worth $900k or so.
And Laurel, more than the other 3, seems to have a livable structure that just needs updating. We're all missing one big part of the equation there – with no scheduled brokers' opens or public opens yet, we've had to rely on the listing description telling us it's "well-kept" with "lots of potential," code words for "needing updates." It's hard to say what the overall value is at Laurel without knowing more about the current cottage.
MBC polls have been both too bearish and not bearish enough in the past. We'll report back if and when 3601 Laurel closes to see how you did.
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