Reagan's Suit Less Pricey

Posted by Dave Fratello on Friday, June 11th, 2010 at 4:40am.

Now that the closed sale price has come in on 121 17th, it seems the home we called "Reagan's Suit" – in honor of the former president's memorably dreadful brown getups – was less valuable than many imagined.

It was clear that its start at $3.999m last October was reaching far, far too high.

The very custom, and not very big (3br/3ba, 2200 sq. ft.) mid-80s "contemporary" had to be viewed as a lot sale.

Something in the $4m-$5m range might have been possible on fantastic 17th St. for a maximal house, but not this one.

Just one point of comparison: nearby 204 19th (4br/4ba, 4250 sq. ft.), Derek Lowe's former home that's been mentioned here a few times recently, just closed for $3.9m. Now that's a $4m house – even if it was a $5m house just a few years ago.

After a fashion (!), Reagan's suit dropped near $3m, where it stood at the time of our last dispatch in early April.

But the closed price Thursday was another 13% lower: $2.6m.

The overall cut from start: -$1.399m/-35%.

So here's another cautionary tale for sellers who might list too high.

Maybe your listing agent nods at your suggested price, as if to say, "yeah, sure, buyers will send you to the moon, and shine your shoes when you get back."

But check yourself. You'll come back to earth, alright. 

And maybe you'll get too little for having asked too much.
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