Reboot, Retry, SucceedPosted on Thursday, April 1st, 2010 at 3:33am.
511 N. Dianthus is just the most recent, semi-dramatic example.
The 60s box (3br/2ba, 1900 sq. ft.) was cleaned up, but not fancy by any stretch. It was offered to any and all comers for a full year, from late March 2008 till April 2009, when it rented out.
The price at Dianthus seemed always to be a bit high and a step behind the trendline for a market that was notably declining throughout the life of the listing. In March 2008, it started at $1.429m, dwindling to $1.125m in the doldrums of April 2009, when almost nothing was moving. It was the right time to quit.
Dianthus returned this week at $1.075m, pitched simply as a "starter home," and made a deal within 2 days.
One year, failure. Two days, success.
Yes, you could say there's a difference between the climates from the last couple of years to now.
There are quite a few other returnees that recently have made deals:
- 672 19th (3br/2ba, 1675 sq. ft.), purchased as a guest house in 2006 by the next-door neighbors for $1.550m, began in March 2008 seeking a big markup to $1.789m.
Seven months, no action – a failed listing.
By Fall 2009, about a year later, it was back, priced below acquisition at $1.299m. (See "Guest House Returns.") A deal was made this month.
- 215 S. Valley, one of the 2 "ugly ducklings" mentioned here at MBC the other day. The failed listing ran 8+ months from Summer 2008-March 2009. This year, a much smarter price ($1.235m) and 7 weeks till a sale.
- 3316 Crest (4br/4ba, 2100 sq. ft.) (pictured), a modern remodel with tiny bedrooms but nice style. A first attempt at selling ran from July-Nov. 2008, about 4 months, priced near $2m – no deal. This year, at $1.785m, they had a deal inside of 4 weeks.
- 1821 Palm (4br/4ba, 3550 sq. ft.), a 1990 build with updates, came on during one of the worst quarters in memory, offered for 3 months from Feb.-April 2009 at $2.175m. No sale. This year, pre-market interest drove the price to $2.250m and it was sold before it was first posted.
- 332 20th (5br/5ba, 4300 sq. ft.) is a gorgeous new custom Spanish near the top of the 20th St. walkstreet over Highland. A high price ($4.795m) and tough market doomed the first listing, which ran from Jan.-Nov. 2008 before the home rented out. It returned in Sept. 2009 lighter, at $3.895m, and finally found a buyer this year after shaving off another $500k to $3.395m.
- 1413 Pine (4br/3ba, 2275 sq. ft.) has gotten plenty of play here at MBC (most recently here). A failed, overpriced listing ($1.759m start) ran from Jan.-June 2008. This year, the price was right and the action quick – it closed at $1.385m recently.
- 560 35th is a big Craftsman (6br/6ba, 3600 sq. ft.) purchased in January 2004 for $1.635m. An overly ambitious resale attempt ran from July 2008-Jan. 2009, with the sellers seeking $2.425m, then stepping down to $2.125m before calling it quits.
The new listing began more reasonably in late January at $1.895m (see "Adjusting Upon Return") and found a buyer within a month. [UPDATE: The sale closed for $1.740m a couple days after this post first appeared; that's +$105k/+6% over the Jan. 2004 price, essentially flat for the sellers after costs of sale.]
- 3212 Blanche (4br/5ba, 3000 sq. ft.) tried to sell twice without success – once from July-Nov. 2008, and again from Feb.-April 2009. As we noted last week in "Look Who's Found Buyers," the biggest change in the listing when it reappeared this year wasn't the price ($1.849m) but in the sellers' offer of financing.
- 420 1st may buck the trend – but we'll see. Purchased for $1.075m in June 2007, this one ran from Feb.-Aug. 2009, starting at $1.275m.
It's back now at $1.130m, not much of a markup anymore, but still more than the sellers paid in 2007. And there doesn't seem to be a path being beaten to the door.
- 4419 Highland, too, is a tough sell for all kinds of reasons. The "Gateway to Manhattan Beach" gets plenty of exposure, and that's the problem. (See "'Gateway' Returning?") With that said, $1.189m for pretty new construction, 4 bedrooms, steps to surf... someone might bite, though we'd still expect it to be another renter.
- 616 29th (4br/5ba, 3500 sq. ft.) is a 5-year-old Craftsman purchased new in Aug. 2005 for $2.425m. For 5 months, from April-Sept. 2008, the sellers tried to get out basically flat. Instead, they rented out the property.
For 2 months in Summer 2009, they tried again to find a buyer, now at $2.379m. (See "Welcome Back.")
In February this year, the listing returned again, another step down from the 2005 acquisition price at $2.249m. That's a lot of house on a nice street for a not-so-unreasonable price, but it hasn't caught fire yet. One to watch.
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