Such a Deal on Duncan

Posted by Dave Fratello on Monday, February 25th, 2008 at 10:32pm.

When 911 Duncan first hit the market in June 2007, the builder/seller had high hopes. The listing began at $3.770m.

The build was a unique, custom design, memorably touted for some time as a home that supposedly evoked Frank Lloyd Wright's "Fallingwater" – with a grass driveway on Duncan apparently subbing for the forested setting of the Wright home. (We kid.)

By the 6-month mark, 911 Duncan wasn't moving, so the price did – down $470k to $3.299m. As MBC noted in "Fallingprice," this was the greatest drop in new-construction pricing in the Hill Section in 2007.

Now, with a closed price coming in at $3.190m, we can shut the books. The final price was -$580k/-15% off that optimistic start. That's the new record for cuts on new construction in the Hills.

And yet, to those who thought the home would wind up selling for closer to $3m, or perhaps below, the builder had the last laugh. With land acquisition costs of just $950k, and a home built with 5br/6ba, 3700 sq. ft., we're confident that the builder made some real money. Such a deal for both parties, no?
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