Here we go with another big-dollar sale in MB...512 John
is pending at last. Most recent list price: $3.99m.
The full saga as covered on MBC includes:
Do the people who bought 512 John earlier this year really mean to sell it?
Yesterday marked 205
true days on market for this home – more than the 152 DOM showing in the listing, but less than the 450 days showing in the "CDOM" field. (That's a head-scratcher, but we believe our source.)
So at this point the question is only how bad of a hit
the sellers take.
What's interesting about this one is that the financial loss appears to reflect a builder's misperception (overestimation)
of the market value of the home in the first days of 2007. The home was essentially taken in trade, we're told, no doubt at a price the new owner believed to be a below-market bargain at $4.075m. Seven months later, the market has proved that opinion wrong.
We expect hard-core market watchers to have a fine sense of prices, but anyone can make a mistake – especially this year.
John makes 5 escrows for September SFRs west of Sepulveda, and a new contingent sale was posted today, too – 505 3rd
on the South End, listed at $1.949m and purchased in 2005 for $1.6m. So we're at 6 now for the month, all of them over $1.5m.