Pricing Poll: 3601 Laurel

Posted by Dave Fratello on Tuesday, November 9th, 2010 at 3:51pm.

A 1950s cottage on a corner lot by the refinery and Rosecrans – what's that worth?

The sellers of 3601 Laurel could use your help figuring that out.

Last week the 3br/2ba, 1530 sq. ft. listing launched at $1.6m, which we might generously call "overly ambitious."

Quite nearby, for example, is a brand new home, more than twice the size, at 3524 Laurel (4br/5ba, 3200 sq. ft.), which we called both "a typical Tree Section speckie" and "disappointing" last month, priced at $1.849m. It's got less land (4640 sq. ft. compared to 3601 Laurel's 5400 sq. ft. corner), but really, twice the space, brand new, for $249k more?

That's one marker that tells you 3601 is out of whack.

Say you're active in the market for a little Tree Section cottage. 3601 Laurel's newly up, but so is bigger 2920 Laurel (3br/2ba, 1875 sq. ft.), several blocks away, which we described this past weekend as "a smartly remodeled cottage ... at a decent price, $1.249m to start." 

Wait, more space, a better location, and $350k less?

What about condition? 3601 is described as "well-kept" with "lots of potential," which is to say, not updated, apparently, though there's mention of granite countertops, "recessed lightings" and stainless appliances. (Whoops, the stove and fridge are excluded from the sale!)

We're giving just a couple of points of reference for 3601 Laurel.  We'd call the odds that the sellers will get $1.6m virtually nil, unless they're lucky enough to be visited by Santa Claus or, slightly more likely, some out-of-area buyers with a bad agent... every seller's dream.

We'd bring in a few formal comps, but instead we're going to ask MBC readers to put a value on the property. Vote in our new pricing poll, and back it up with what you see as relevant comps if you can.

Now, we haven't done a pricing poll in a while, and some readers may be a bit out of practice. Other readers are so new, you've never seen one. It's simple, though: Let us know what price you think 3601 Laurel will ultimately trade for, if it sells. It's a prediction as much as a valuation.

We'll run the poll through next Sunday at 8pm.

A couple of final notes: The sellers are offering 3% to buyer's agents, a nice bonus over the typical 2.5% locally – that's a cool $8k extra at the current list price. In theory, this could draw extra interest from agents who might have potential buyers.

The listing also tells us that the sellers are "motivated," regardless of what that start price communicates, and want to look at "ALL offers." So we may see this one resolved sooner than you think.

The question is, at what price?
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