Tough Stuff in the Sand

Posted by Dave Fratello on Thursday, October 25th, 2007 at 5:33am.

There has been some action on some tough listings in the Sand Section...
  • 225 Moonstone (pictured) is back on the market. (Click address for details.) It's one of the least expensive listings in the Sand, at $1.295m (for 3br/2ba, 1350 sq. ft.). This is the second failed escrow for this property. The most recent escrow began earlier this month. (When it came back the first time, the notes specifically said it was no fault of the property that escrow failed.) Noteworthy: The sellers paid $1.140m in Dec. 2005.
  • 225 39th is now down to $1.599m, down from $1.745m. This one was purchased for $1.595m back in June of this year, as MBC discussed in "Can a Flip Flop This Quicky?" We'd love to have more detail on this property, but if it is really a flip, it's looking like a rather tragic flop.
  • 4419 Highland took a few days off the market, and is now at $1.499m, down almost $200k from its start at $1.695m. (For some of the previous MBC stories on this one, see here and here.) Way back in March, before there was a house on the lot, the builder was offering to sell the project mid-stream. The Craigslist language then said: "$1,399,500 to complete." This appeared to be the offering price; certainly it was a reflection of the builder's costs. As the price inches down, doesn't it appear that a loss becomes more likely?
  • 4104 Highland, which we often neglect here at MBC, continued with the strategy of teeny weekly reductions (typically $5k), so it's now at $1.580m, down from $1.719m. Though it's by far the largest of these listings (at 2550 sq. ft.), that's one awful location, mid-block on the wrong side of Highland. Noteworthy: The sellers paid $1.450m in March 2005.
That's a tough group, but if marginal listings help define the market, we've got to watch them.
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