Reset That Clock

Posted by Dave Fratello on Tuesday, September 18th, 2012 at 3:55pm.

2105 Oak has never sold.

You may see it as a "new" listing now, but that's not quite the case.

Built new as a spec home in 2006, this Craftsman-accented home (5br/5ba, 3100 sq. ft.) tried at $2.5m in May 2007.

$2.5m... on Oak.

The listing ran through September 2007, about 5 months in total, dropping down to $2.1m.

But by Fall 2007, the writing was on the wall. This was not happening. The market had gone from strange, to declining, to tumbling.

It rented out.

But you've seen it recently. For a while.

2105 Oak re-emerged in May 2012, 5 full years after its first offering.

Asking price: $1.999m. (Can we just call it $2.0m?)

It's been out there for a while. In a warm-to-hot market, it ran 4+ months on market with no takers.

Intriguingly, a roughly similar Mediterranean on the same side of Oak (1209 Oak) has hung around for 6+ weeks at $200k less.

So if you're 2105 Oak, what do you do? Chop the price and try to compete?

Monday, they tried something else: They simply reset the clock.

It's now a new listing.

Same price, new MLS #. "New" listing. 133 DOM later.

It's almost embarrassing, but data-rich, fact-oriented Redfin displays it as a "new listing."

But of course it's not.

So does that re-list trick help them find a buyer?

It's still $2m on Oak. Place your bets.
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