It's a strange time of year for MBC pricing polls.
Most listings on which we have gotten reader input through our polls remain for sale months and months later. Spring and Summer came and went with most untouched. So we haven't got much info to use to judge the predictive powers of the group that's voting.
And then…
It's a strange time of year for MBC pricing polls.
Most listings on which we have gotten reader input through our polls remain for sale months and months later. Spring and Summer came and went with most untouched. So we haven't got much info to use to judge the predictive powers of the group that's voting.
And then there's the phenomenon of dropouts. As we noted 2 weeks ago in "
Recent Dropouts," it seems the most common activity in the local RE market at this moment is listings canceling.
Monday, that happened with 2 of the 3 listings we featured in our (apparently uninspiring) recent poll, "
Who'll Be First to $6m?" (See the
results story.) Both
114 N. Poinsettia and
923 1st are currently out of action, though 1st St. has a history of bogus re-lists. It wouldn't surprise us to see both back after Labor Day.
Now, we're thinking maybe this time it's different.
700 35th, a lovely Tree Section listing that's been around just 2 months
(listing says 1 month due to a bogus re-list), seems like one that could move from toe-dipper to serious seller this Fall.
The home has such inherent charms, you can imagine someone willfully "overpaying" by a bit if the sellers will adjust somewhat to meet the market. (See the
original story for much more on the home.)
So, at what price should 700 35th sell? Voters in the MBC poll were pretty bearish. A plurality (
34%) said the home will go for
$2.2m or less. If we combine the two price ranges above that, we see that
42% believed the sale price would be
between $2.2m-$2.5m, with the bulk of those (
25%) suggesting the lower end of that spectrum –
$2.2m-$2.4m.Keep in mind that 700 35th was a purchased at the peak of this submarket in July 2006 for
$2,482,500. Very few people voting in this poll thought the sellers would break even in 2008. The current listing price,
$2.649m, was viewed as correct (within 5%) by just
9% of voters. Substantially more (
15%) thought the home simply would not sell.
The market in the Trees has changed a lot since the current owners bought 700 35th, with great new homes hovering near $2.3m, and plenty of buyer options. Objectively, the price pressure is downward. Subjectively, our voters think it's
way downward.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 8:50pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.