Slow to Move on Poinsettia

Posted by Dave Fratello 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.
At this point, with inventory growing, this is probably not the time to expect a buyer to fall in love with your remodel and overpay.

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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