Reduced to... Start?

Posted by Dave Fratello on Wednesday, February 16th, 2011 at 5:00am.

If you track the market sometimes by checking in with Redfin's MB neighborhood pageyou do, right? – then you may have caught something odd this week.

A Hermosa listing (right on the border with MB) at 215 Longfellow popped up under the "Price Reduced" tab with this curious fact.

It was "news" that the price had been "reduced" to $999,000, but the original/start price, listed right there on the page, was $999,000.

Were there pennies involved somewhere that had been shaved off?

Nope, it turns out they had flirted with the old price-increase tactic.

The listing has appeared in parts of 2008, 2009 and 2010, at list prices starting at $1.299m but declining, gradually, to $999k when it rebooted – after a long break – in early November last year.

In mid-January this year, the price jumped $50k to $1.049m.

That didn't work, and here we are, back again, at $999k. Redfin's robots viewed it as news; we were a bit more skeptical and looked deeper. (Take that, Watson.)

The home last traded in March 2007, in inferior condition, for $985k. It's been upgraded since then, but the market downshifted.

Whatever the home's charms, it's still hard to roll with the listing's description of an "exceptional location." You have to decide what's important to you, but here are the things that occur in pairs nearby:
  • Exercise studios
  • Divey Mexican restaurants (one's right next door)
  • Liquor vendors (one w/ groceries)
  • Fairly busy neighborhood streets 
Those don't seem like negatives to you? Have we got a deal on Longfellow for you, fellow.

Demerit: Both the 2006 listing and the current listing include an unfortunate punctuation error, when they each call the home "Beach Living at it's best." Folks, it's not it's.

Bonus fact: At least one of those divey Mexican joints is an absolute find.
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