Trying to Unload

Posted by Dave Fratello on Wednesday, June 10th, 2009 at 3:14am.

Yesterday we took a look at several listings priced below acquisition that had quit the market rather than find their new values. (See "Failure to Unload.")

There are still plenty of others trying, listed here by the amount of each listing's rollback over the purchase price.

As always, click on any highlighted address for more pics & details via Redfin.


Little Slices
  • 325 1st (3br/4ba, 2100 sq. ft.) (pictured) is a South End remodel (really a to-the-studs overhaul) purchased for $1.617m in Dec. 2005.
The owners tried to sell beginning 3 years later hoping for a profit, starting at $1.849m late last year. That notion faded, and now the listing is lingering at $1.559m (-$58k) after 7 months on market.
  • 3216 Alma is a lot with R-2 zoning. The dirt was grabbed for $1.56m in April 2008 (a discount off the $1.699m start), but the brakes appear to have slammed on any development plans. Offered for $1.499m (-$62k) for almost 4 months now.
  • 407 Larsson (6br/6ba, 5000 sq. ft.) (pictured) is a large custom Hill Section home with a real yard. Sellers paid $2.980m in Nov. 2005 and tried for a little bump to $3.150m when the listing began in Sept. 2008. It's now down a tiny bit at $2.949m (-$31k) after 8 unsuccessful months on market.
  • 505 3rd (4br/3ba, 2600 sq. ft.) is a tired house in the quiet South End. It's drawn mentions several times over 2 years at MBC. (See, most recently, "Another Flopped Flip.") Investors paid $1.6m in Sept. 2005 and, after slowly abandoning hope of flipping for a profit, they ask essentially the same ($1.599m) – for the moment. It's arguable whether they're really "trying" to unload the property at all.

About a Hundred Grand
  • 881 10th (5br/6ba, 4000 sq. ft.) (pictured) is a fairly big custom home with a great kitchen and study, but there has not been much enthusiasm. Sellers paid $2.8m new in April 2006 and started in early March this year looking for more. It's now at $2.699m (-$101k).
A reader reports moving trucks at the home this past weekend, which could be taken as a sign that a deal will get made, somehow.
  • 3313 Pine (5br/4ba, 3300 sq. ft.) was a sharp new home by a noted builder back in June 2003; the current owner picked it up for $2.265m in December 2005, and now seeks $2.150m(-$115k) to get out. The listing is 5 months old.
  • 700 35th (5br/4ba, 3675 sq. ft.) (pictured) is a terrific, big home in the Trees with a quiet location and a big yard, which was discussed in some detail, most recently, in "Back Again on 35th." (Both your blog author and Mrs. MBC are on record gushing about the home.)
It's now priced below its July 2006 acquisition price ($2.482m) at $2.349m (-$133k), about 3 months into this listing.
  • 501 4th (5br/5b, 4100 sq. ft.) offers a corner lot nestled against sleepy Ingleside, a newer (2005) build with big bedrooms plus an elevator. Purchase price in June 2006: $2.750m, before the owners did some additional customization. Now: $2.599m (-$151k) and still fairly fresh at 6 weeks on market.
  • 1805 Poinsettia (3br/2ba, 1250 sq. ft.) is an older cottage for which the listing describes a "recently remodeled" kitchen and bath. Purchase price in Oct. 2006: $1.350m, listed (and immediately in escrow) at $1.180m (-$170k).

Down $400k+
  • 620 30th (4br/3ba, 2975 sq. ft.) (pictured) is new to the market and already priced well below its Feb. 2006 purchase price ($1.995m) at $1.545m (-$450k/-23%). The home is a 1992 build that is being called "remodeled" – we've heard no reports back yet on the interior.
Losing $450k in 3 years in MB? It can happen if you overpay and later enter a market chock full of options.
  • 121 42nd is an unpleasant, small (2br/2ba, 1075 sq. ft.) bungalow in El Porto, priced as such at $859k (a short sale). In March 2005, this property sold in a week, above asking, at $1.345m. (Different times!) If it sells at the new short start price, it's down $486k (-36%). In this case, it's a bank, or some faceless investors, taking the hit.
Alert readers may note this story owed something to our Feb. 2009 story, "Not Worth Their '05 Prices?" Some of the characters here were the same, some have moved on and some new entries made it time for an update.

Soon: A roundup of recent sales below acquisition prices.

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UPDATE: 1805 Poinsettia was added to the list a few days after the original story posted.
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