Recent Quitters

Posted by Dave Fratello on Wednesday, June 30th, 2010 at 3:44am.

June is just about a wrap, and the first half of 2010 gave lots of people cause for optimism about the local RE market. (See "Front-Line Views of the Rally" and "Looking Back at Q1 '10.")

But, of course, not everyone who has tried during this period actually sold.

Some recent quitters:
  • 505 N. Dianthus (5br/4ba, 4650 sq. ft.) is fairly new (2002) and plenty big, with city views to the north.
The house was vacant, and the listing ran for 5 months, quitting after a single, perfunctory cut to $2.899m.  You'd have thought they might have tried a bit harder to find the market.

Back in April 2003, the current owners paid $2.125m. We'll have to assume this one rented out. Maybe greener pastures await.
  • 801 11th (3br/3ba, 3050 sq. ft.), also in the Hills, was a newer (2004) custom home offered as a short sale (an "approved" shortie, no less), with foreclosure right around the corner.  MBC called the home "a veritable steal for a fairly large Hill Section house" at $1.6m, despite its proximity to Pacific, MBB and a commercial property. (See "Two Hill Returnees.")
  • 433 32nd (3br/3ba, 1825 sq. ft.) up on the plateau is a neighbor of 2 similarly sized active listings on the same block (445 32nd and 469 32nd, both at $1.299m). 433 popped up in April with the entreaty:
"Hurry! This one won't last!"
The modest 1970s build ran just 2 months from $1.599m down to $1.475m, but quit – hey, it didn't last! – and is now up for rent.
  • Also up on the plateau, 473 34th (3br/4ba, 3175 sq. ft.) (pictured) a custom, newer (2005) home ran 4 months, with slight price changes moving from $2.250m down to $2.199m. No takers.
  • 3508 Poinsettia (5br/4ba, 2250 sq. ft.) had a location issue – being north of 35th will limit your buyer pool – but it did have 5br and a swimming pool. 
Perhaps ambitions ran too high at $1.389m, given the 2004 purchase at $1.1m.
  • 1144 Elm (5b/5ba, 3300 sq. ft.) was a new home when it debuted 2 years ago as the Tree Section's first new-construction home in years priced below $2m. (See "First Newbie Under $2m.")
After a couple of years as a rental, it came back this year priced below $1.6m. (See "First Newbie Under $1.6m," which takes note of several sub-$2m new-construction sales in 2009.) Alas, it looks like another rental term must be under way.
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