Slow to Move on Poinsettia
Posted on Thursday, February 5th, 2009 at 6:15am.
The seller of 2300 Poinsettia is rightly proud of the remodel accomplished there since the property was acquired in Jan. 2007.Before then, the house was frumpy – except the kitchen – and had an awkward layout with dark downstairs bedrooms.
The redone home features a grown-up, modern master suite upstairs and sharp kids' bedrooms on the lower level. The attention to detail in this transformed house is impressive. (The home will be open Sunday 1-4pm.)
Yet in today's market, we didn't see a 2050 sq. ft. home (4br/3ba) getting $1.749m when this one began (see "Pricing Poll: 2300 Poinsettia"), and, despite this week's cut to $1.625m, we don't see it getting anything near that, either.
Voters in our pricing poll back in early November did not even think a price over $1.5m would work out. Only 9% said the property would go for $1.5m or more. Equal shares (23%) said it would go between $1.3m-$1.5m or would not sell at all.
Until recently, there were 3 comparably priced homes just on Poinsettia:
- 1608 Poinsettia, now back in escrow, is a short sale that's also huge (5br/4ba, 3625 sq. ft.) and in a better location (listing can be viewed while in "backup offer" status), last at $1.599m;
- 1800 Poinsettia, a bit larger than 2300 Poinsettia at 3br/3ba, 2300 sq. ft., is still at $1.579m, but if it's going to sell, we'll see it make a move soon; and
- 1728 Poinsettia, also comparatively huge (4br/3ba, almost 3500 sq. ft.) and offering a much more "normal" layout with bedrooms upstairs, now at $1.649m.
We're looking at recent sales here and trying to find one in which someone obviously overpaid based on the inherent loveliness of a house. Not seeing it.
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