Sketchy Speckie Returns

Posted by Dave Fratello on Friday, September 3rd, 2010 at 4:06am.

Here at MBC, we love a long story arc.

2612 Poinsettia promises another.

The home, perhaps familiar to many MBC readers, is back now after 6 failed weeks on market this Spring. (Who failed to sell this Spring?)

This time, it's "not a short sale," it's a "Corporate Owned REO Bargain." (Per the listing.)

It's certainly a "bargain" compared to its previous list prices.

This year's listing, which ran from late March to mid-May, was at $1.975m.

So its new start at $1.599m, after a trip to the courthouse steps in June this year, marks a goodly chop from there.

But to really appreciate the home's fall from higher heights, we need to look at a deeper history.

This 2006 spec build created a record of sorts for its time, running from Sept. 2006 till Jan. 2008 before finding a buyer.

Its 481 DOM spanning 6 separate listings (re-lists, anyone?) were a monument to poor pricing and questionable marketing. Here's a summary of the pricing history:
  • Sept. 7, 2006: $2.450m
  • Feb. 2007: $2.399m
  • April 2007: $2.350m
  • Nov. 2007: $2.199m
  • Feb. 2008: SOLD for $2.199m
Now, you may look at the history and note that it sold for an impressive price in Feb. 2008 – a mere 10% discount from a lofty start. And that was, indeed, a very strong closed price.

Too strong, we thought at the time. It didn't fit.

Later, something went awry – we don't know exactly what – for the buyer/owners. Within a couple of years, NODs were filed, no rescue sale came about, and we later saw this Summer's title transfer at the courthouse.

We're certain that the whole story of the 2008 sale and the recent flameout is intriguing on its own, but you probably won't find the full naked truth here, sorry.

The currently relevant detail is that 2612 Poinsettia, newer construction with 5br/5ba, 3250 sq. ft., is back at a price that's closer to its market value. And that's at least $600k (-27%) below its Feb. 2008 sale price.

The home had little attraction during those earlier runs on the market due to its pedestrian construction, iffy location – exposed to Ardmore – and its consistent pattern of being overpriced.

But price can cure almost anything. And maybe this time, a straight-up market sale can truly close the books.
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