Reversing Fortunes in 2012?

Posted by Dave Fratello on Thursday, June 21st, 2012 at 9:45pm.

Not quite 2 weeks ago, we saw 2800 Palm post a deal, and it seemed like one of those cases of 2012 being a lot kinder to listings than past years.

Let's look at that one and a couple other offerings to ask: Will 2012 see a reversal of fortune for all of them?

First up is that big home at 2800 Palm (6br/6ba, 4225 sq. ft.). Last August we opined that "this one is primed to be forgotten and left by the wayside if someone doesn't have a real conversation about value with the sellers. They're now asking $2.420m for an early-90s home that lacks 'wow' factors and needs a great deal of help."

Pretty reasonable (and easy) prediction, that was. The home is peculiar and lacks an accessible yard. The listing lingered 7 months and quit in March. 

But, boom boom, in May it came back at a somewhat more reasonable price, $2.049m, and had a deal within a month. Both pricing and timing helped. (The official status of the listing says they're seeking backup offers.)

Now to the newest to come back to market. 

3016 Highland
3016 Highland (4br/4ba, 2300 sq. ft.) is an ocean-view home we've previously called "snazzy" with a "high-ceilinged top level [that] is split, with the high-end kitchen/casual eating area popped up to get views of its own."

After trading for $1.9m at the height of the market, this one has tried to resell 3 previous times, in 2008, 2010 and 2011. Tried to.

In '08 they sought a markup to $2.099m. After that, the 2010 listing started at $1.825m and trickled to $1.699m. That's where they were in 2011 and that's where they start again here in 2012, as the hot hot Summer begins. 

Will this year's favorable winds finally blow toward this somewhat impressive, ocean-view house? Or will Highland still hold it back?

UPDATE: With 1 DOM, 3016 Highland has posted that it's got an accepted offer.


609 Valley
609 N. Valley (2br/3ba, 1670 sq. ft.) has had past runs on the market in 2008, 2009 and 2010, offered for as much as $1.449m and down to $1.127m.

This is a custom re-do of a much older house (1958), with an artistic and modern flair, some quirky angles and custom, Asian-inspired details. We've called it "city living at the beach."

Just 2br, right at a fairly busy intersection along Valley... those are tough limitations to overcome.

But here in 2012, can they do it?

201 Larsson (3br/3ba, 3900 sq. ft.) is a late addition to this list.

In May in "Another Lucky Repeater" we called this one of those 2012 success stories.

201 Larsson has been offered off-and-on in 2009, 2010 and 2011, with prices as high as $3.3m and as low as $2.245m. They were at $2.300m when a deal posted.

At some point we saw the termite tent over the whole house, hallmark of a home in escrow where things are progressing. But here we are, 6 weeks after that new deal posted, and 201 Larsson is back on market. Well, there are still 5+ months to see if that 2012 luck can come back.
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