Reality on Poinsettia

Posted by Dave Fratello on Wednesday, September 10th, 2008 at 5:18am.

It was 15 months ago when MBC first featured 1829 Poinsettia. (Click for listing details via Redfin.)

That was during the storied Spring Rally of 2007, a time when the doldrums of Fall 2006 seemed miraculously cured by renewed buyer enthusiasm all over MB.

The sellers at Poinsettia had just completed (well, mostly completed) a sharp remodel on the cottage and had decided this one was ready for the record books. They started this 1400 sq. ft. home with no real yard at $1.785m on May 17, 2007.

There was much to like, but the price struck us, and many others, as preposterous. (See MBC's stories, "Aiming High on Poinsettia" and "Aiming High, Part II" for more.)

We heard here in comments at MBC that the sellers received an offer for $1.550m not long after the listing hit the market. This was viewed as an offensive lowball, however, and it was rejected.

Seven months into the listing, MBC put out a pricing poll – our first – on Poinsettia. The reader consensus: 70% thought it would sell for less than $1.4m. The most popular choice, with support by 37% of voters, was the range of $1.25m-$1.4m. (See the story with poll results here.)

Lo, these many months later, 1829 Poinsettia is now in escrow. (Actually, looking for "Backup Offers.") It was last priced at $1.389m – down essentially $400k from that very high start. That has been the price since June 10, fully 3 months ago, so we might guess that the deal price is below that.

Guess what, folks? This means the readership was largely right on that first MBC pricing poll. How right? It remains to be seen. If this deal gets sealed, we'll close the books in a month or so with a final story.
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