A Rush of ClosingsPosted on Tuesday, July 6th, 2010 at 5:00pm.
- 511 Pacific (5br/9ba, 8000 sq. ft.) is a spectacular, unique and somewhat mazelike modern home. It offers a surprising, 180-degree panorama from a fairly low point on the hill, just above Ardmore.
In a more indepth story in late January (see "Pacific Connection"), we had more to say about the house and history.
The short: This one began at $8.150m when newly completed in late 2008, was at $5.995m by March 2009 and has now closed for $5.250m.
- 505 3rd (4br/3ba, 2550 sq. ft.) is a tired, dated home on a typical local lot of 2700 sq. ft. It's finally sold now for $1.352m after first hitting the market in May 2007.
Investors had grabbed the property in Sept. 2005 for $1.6m and tried to resell it for prices as high as $1.949m from 2007 forward. MBC wondered aloud what it "should" sell for in Aug. 2007 in "What's Right for 505 3rd?" – that was back in the days before MBC pricing polls.
3rd was listed as a short sale this year. (As the Redfin display page still shows.) Final sale price was -248k/-15% off the Sept. 2005 trade.
- Back in early May, MBC (and the MLS) teased buyers, saying "Here's Another Chance at 3011 Elm."
The suggestion was that the unique, luxe Spanish at 3011 Elm (5br/5ba, 3600 sq. ft.) could be around a while to tour, ponder and, perhaps someday, purchase. But it did not linger – it sold almost immediately, after listing at $2.495m. It has now closed for $2.475m.For more on some recent closings, see Redfin's MB page and click the tab at the top for "Recently Sold."
The backstory was that the home was listed new in 2005 at $2.595m, got bid up before selling to a certain local/international USA soccer star for $2.8m, but the home had traded again in Dec. 2007 for less: $2.650m. In 2007, it was one of the first truly great properties we saw sell for less than acquisition, suggesting that a trend was taking hold. (It was.)
The new sale is another step down: -175k/-7% from Dec. 2007, and still 5% below the 2005 start price.
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