Poll Results on 815 2nd

Posted by Dave Fratello on Monday, April 28th, 2008 at 4:54am.

We've got word back now from the readership, and it's good news/bad news for the builder/sellers of 815 2nd, a new Cape Cod in the Hill Section.

The good news: A third of voters in the poll (34%) think it's now priced within 10% of its likely final sale price or, in other words, its market value. Given that our polls run to the bearish side, that's still a good vote of confidence.

More good news: A solid majority (61%) think it's now priced within 15% of its market value.

Bad news: Very few (12%) think $4.5m or so is the right price.

The largest response, a healthy 37% plurality, thinks this one goes between $3.75m-$4.0m, which would mean the start price of $4.795m was high by nearly $1m.

Still, if a sale closes in that range, you have to imagine that the builder still clears a tidy profit. The lot was purchased for $1.8m near the peak in Sept. 2006 – a warning sign. But if the costs of construction came out below $2m ($439/PSF), this one's likely to be in the black, and that's more than we can say for the newbies lingering and selling in the Tree Section these days.
comments powered by Disqus