Poll Results re: 1413 Pine

Posted by Dave Fratello on Sunday, January 20th, 2008 at 5:48am.

This past week MBC ran its second pricing poll, this time on a new listing, 1413 Pine (click address for details via Redfin).

The results are in, and they show that a 40% plurality thinks the property is priced well and will sell within 10% of its start price – here we're combining the 7% who chose $1.759m (+/-5%) and the 33% who chose $1.5m-$1.65m. However, a nearly equal number (39%) think the home will fall more than 10%, as low as 25% off its start, selling between $1.3m-$1.5m. Another 12% thought the prop would slip below $1.3m.

We wrote in our original story that, from March 2007-Jan. 2008, only 2 listings had sold from the MLS above $1.5m with around the same square footage as 1413 Pine. Alas, as we later learned, the neighboring home at 1417 Pine sold last May off the MLS for $1.7m; it's just 140 sq. ft. bigger.

As we watched the results tally up over 3 days, the division was almost always equal between the 2nd and 3rd choices ($1.5m-$1.65m vs. $1.3m-$1.5m). It seemed, however, that the lower-price choice picked up a bit of steam at the end, after a new listing at 3505 Pine came on the market. (Click address for details via Redfin.)

Perhaps this was a whiff of market intelligence affecting the vote. The newer listing is slightly larger (+190 sq. ft.) but came on much lower at $1.499m, fully 21% lower in PPSF ($627 vs. the $800 at 1413 Pine). 3505 Pine needed adjustments for condition and location, but the gap was still large. Perhaps some voters felt this new listing would make 1413 appear high.

3505 Pine is open for the first time Sunday 1-4pm. Naturally, we'll keep you apprised of developments on 1413 Pine along with other competitors until we get some sales.
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