Quick Change, Small Change

Posted by Dave Fratello on Tuesday, September 13th, 2011 at 4:07am.

We're starting to see a curious pattern at a broadly intriguing Sand Section property.

Here are the runtimes for the previous listing agents at 305 18th (5br/4ba, 3125 sq. ft.):
  • 25 DOM
  • 35 DOM
The new listing agent is already up to 3 DOM, perhaps 10% of her (short) tenure. (Not that we're wishing anything negative; just imagining that the shoe could drop quickly.)

You might parse that first listing differently. In that unusual case, 2 listing agents from different brokerages had the task. Maybe that's really 12.5 DOM per agent. Quick hook, regardless.

Word is, those first agents got fired after they drew in an offer. Bad agents!

Maybe no one has figured out how to market the property correctly. But here's a look at the list prices:
  • $2.325m
  • $2.190m
  • $2.189m
What-the-what-the... is that a $1k reduction on the new re-list? If that makes you think of the recent $50.00 cut on a different Sand Section listing, you're not alone.

Initial inference: Maybe we see here both a price problem, and a seller problem.

While the seller at 18th is looking for $2.2m for a duplex that we have said here is "in dire need of a retooling," there's a grand, bigger, architectural modern up the street (and one over) that's asking just $106k more, and will soon go for less than that (329 19th).

No doubt, the views from 305 18th are special. (Read more from our tour in early August.)

But it will take considerable effort to make this a good house that takes advantage properly. Heck, it will take considerable effort to attach a bathroom to any bedroom. And how/when/where do you integrate that back rental unit?

A property with this many questions doesn't just need a new agent to market it at an unrealistic price.

It needs something more. Maybe give it another month?
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