Re-Re-Repriced on 1st

Posted by Dave Fratello on Monday, February 15th, 2010 at 4:58am.

Now it's clear that everything's murky over at 517 1st.

The owners launched and finished a custom rebuild in 2008/09. It was no spec project.

But then in October 2009, suddenly it was for sale. The sellers tried at $1.899m, a price somewhat below a new-construction price and recognizing, we gather, the location liability of 1st St.

That start didn't seem so far out of line, but the listing had no traction for a few months.

Just a few days ago, on Feb. 5, the sellers appeared to be moving boldly to find the market, shifting down suddenly to $1.599m. (See "Rebuilt, Repriced at 1st.") MBC's take:

An essentially new, moderately sized (4br/2ba, 2550 sq. ft.) home in the South End, with a kid-friendly bonus of being right near Robinson School's athletic fields, for $1.6m?

In context, that looks like a serious deal.
That "serious deal" lasted only a couple of days, then the price rose $100k. (See "Re-Repriced on 1st.")

And now, can you believe it?

It's up again.

This time by $76k more, up to $1.775m.

This means the bulk of the original $300k chop is ancient history. The listing's down $124k from start, and no longer down the other $176k.

This is not the normal mark-to-market scenario.

We don't yet have an insight into the sellers' actual thinking, just the outside evidence that they're unsure what to do. And proof positive that this listing isn't going to proceed in any kind of straight line.
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