Same House, Big Price DifferencePosted on Wednesday, December 19th, 2012 at 4:43pm.
Take the same house, built in the same year, and put it in 2 different subpar locations, east and west.
What's the price difference?
It's got the classic great room layout, with a lot of family space in back, opening to an outdoor room and reasonably sized, hardscaped yard. Lot size: 4480 sq. ft.
They just closed the sale recently here at $1.700m. That's fairly high for recent years on Oak, but hey, this is 2012.
But on balance, this is the same house, same builder, same layout, same year, just in a notably worse location, with Aviation looming.
In May 2008: $1.410m.
In Dec. 2012: newly in escrow, last list: $1.399m.
The smaller lot means almost no yard at all. And the location was such a factor that this clean, attractive home ran up 5 months' worth of DOM in a sellers' market. But here, now they have found a buyer.
We observed in an open-house review:
[The] compromises are what brings 1769 1st in range for some buyers who wouldn't otherwise get a 10-year-old Mediterranean with a big island kitchen and lots of bells and whistles.Of course, we can't close this chapter until they close the sale.
But we see hints here that these 2 very comparable homes are going to close at least 18% apart, maybe more. Same actual house, smaller lot, 18% off. That may or may not be typical of the east/west price gap, but for these 2 identical houses, it's a notable difference nonetheless.
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