Stuck on the Flat Walkstreets

Posted by Dave Fratello on Wednesday, July 14th, 2010 at 1:26pm.

The South End's flat walkstreets have a profound draw for some families, and the sales action can be swift.

Consider the little cottage at 517 5th (3br/2ba, 1475 sq. ft.), which sold within 4 days back in mid-May and just closed for $1.7m. Nearby, a newer home at 440 5th (4br/4ba, 3075 sq. ft., $2.899m) also found a buyer in its first week, in early June.

But there's inventory to be had on the flat walkstreets, and some of it appears stuck.

The hardest case has to be 440 6th (6br/6ba, 4200 sq. ft.), a home that was new last year and has been trying to find buyers ever since.

Actually, buyers have signed on a couple of times, but here we are today looking at a terrific Cape Cod on a corner lot that still seems to have nothing solid going on. (UPDATE: The listing is still posted as active – not pending or seeking "backup offers" – but word is that the home is actually in escrow.)

The listing for 6th began at $4.495m in July 2009, and posted a deal in late August last year without any price cuts (see "Newly Gone, South"). But that deal failed. Over time, the price dropped to $3.598m before a switch in agents in April and another failed deal. It's now at $3.499m.

325 9th is a newer (2003), full-featured Cape Cod with 5br/5ba, 3700 sq. ft.  After an informal off-market/pre-market effort to sell, the home's now been on public offer for 5 months.

After a start at $3.695m in February, it's down just $100k to $3.595m.

(UPDATE: Shortly after this story posted, 325 9th reduced to $3.349m. Also, this story did not mention the March 2007 purchase price of $3.659m; it's now down $310k/-8% from acquisition.)

Nearby, 332 10th (4br/5ba, 4115 sq. ft.) doesn't have the same longevity problem as the 2 Cape Cods, but the 10-year-old Spanish did recently lose a buyer who had grabbed the property right before it hit the market. Like the others, though, it's priced in the mid-3s ($3.449m).

As we noted in our "Sunday Opens" post the other day, 332 10th is a short sale and will need some rehab work to buff it up to its original condition.

On the same block, on a smaller scale, 420 10th (4br/3ba, 2400 sq. ft.) (pictured) hasn't found a deal yet, now at 55 DOM. It's still at the $2.195m start price.

In a "Weekend Opens" post last month, MBC called 420 10th "a classically styled home... that fully basks in the walkstreet lifestyle."

Summer's here. The sun's finally out.

Shouldn't some of MB's premier beach-area homes be getting some action?
comments powered by Disqus