priced below acquisition

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A couple of properties have hit (or "re-hit") the MLS with the old quickie-relist tactic this past week. Do they feel new?

Meantime, another listing from last year is back this year, lease having expired, looking for a nice markup this year – even though they couldn't sell last year.

We welcome these listings back – though 2 never left – and wonder what may become of them.

It's of special note that they're making these moves in late October. Not exactly a hot time in a normal market. Will we see these listings continue into next year?

1030 1st (5br/5ba, 4300 sq. ft.) is a mid-90s Mediterranean built into a very favorable position high up the hill.

In our July review, we referred to the "huge, huge PV & ocean views, made possible as the hill drops down and…

It's rare indeed to see a Tree Section home go over $3m.

But once upon a time, it happened at a storybook house on prestigious 31st Street.

That was Summer 2006, as our local RE market was only beginning to hit the occasional bump in the road. The storybook home was 763 31st (5br/5ba, 3575 sq. ft.). It sold for $3.025m back then, in what could be called our last bubble year.

Regular readers know this one has been on and off the market for the past couple of years. We've repeatedly done 2 things here at MBC:
  • expressed our love for the home ("a custom masterpiece"), and
  • questioned list prices that ran as high as $3.295m.
This one never went under $3m in its 2010 listing, which ran a little over 5 months.

New agents, new year, same result – a 2011 listing ran…

Seems like only yesterday that we last saw 2808 Elm (5br/4ba, 3225 sq. ft.) for sale.

In fact, it was March 2011, the end of a 2-month run on the market not unlike the property's prior 3-month run in mid-2010.

That's right, twice in recent times they tried to find a buyer for this newer (2006) Cape Cod that's light, bright and cheery, and even has something of a yard. (More than you'd expect on a 4480 sq. ft. lot.)

Twice it didn't work.

And now here we are again, a different landscape, buyers clamoring for Cape Cods, and – what's that? – it's on the market at a higher price than last year.

Purchased new at the peak for $2.415m in Nov. 2006, this one was offered publicly for prices ranging from $2.049m in 2010 down to $1.979m last year.

And now: $2.199m to…

They have finally sealed up a sale at 1801 Palm (4br/4ba, 3900 sq. ft.), a newer (2000) home that logged a fairly amazing 279 DOM last year. Amazing, that is, for a larger, nice Tree Section home on a great block and a sunny corner lot.

They wrapped it up at $2.100m, down an irrelevant $29k from the last price cut made in July 2011.

The sale price is off $199k (-9%) from the start price from last March.

Perhaps more interestingly, the chop is also 10% down from the May 2004 acquisition price of $2.325m. MB's median price for 2011 for SFRs was pretty much flat to 2004 (see "2011 Wrap: More Sales, 2004 Median"), so we notice when someone comes in notably off that line. 

Curiously, that prior listing began in March 2004 at $2.050m, perhaps begging for the…