Shorter by the Sea

Posted by Dave Fratello on Thursday, January 12th, 2012 at 7:57pm.

A whole week has gone by since 130 19th came down $700k and went short.

What, no offers yet?

What to do, then? How about a re-list?

That was this morning's resolution to the problem of how to build interest and generate activity around a 6-month-old listing with a new price and situation.

At least they cut $100k at the same time. Once upon a time, someone said that a $100k cut makes it a whole new property. (Strange but true.)

So 19th is now at $2.695m, barely above the relatively rock-bottom price once paid for Reagan's Suit (121 17th) back in June 2010 ($2.6m). That was the cheapest 100-block/teen-streets land sale in recent years – though the buyers switched it up and used the structure for a cool remodel, defying expectations.

Can you actually get 130 19th for $2.7 or less? That will ultimately be up to the bank.

At this price point for 100-block dirt, buyers would also be looking at the slightly larger lot at 117 30th (3100 sq. ft. and on the north side, versus 2700 sq. ft. and the south side for 130 19th). After almost 6 months of not selling last year, 30th is newly back at $2.699m. (That one's a standard sale.)

Either would make a good building site for personal or spec construction; which will it be?

Interestingly, 30th is currently showing 7 DOM on Redfin for the new listing, but 175 CDOM ("combined days on market") via the regular MLS. That's because 83 days, not 90 days, elapsed between the canceled listing from last year and the restart in 2012. The re-list rules count CDOM forward from an expired or canceled listing if fewer than 90 days toll between entries.

It looks like Redfin's system – great as it is – can't (currently) bring CDOM into the display of listing info. The Redfin bots will tell you 130 19th is a brand-new listing, even though we all know better.
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