Tweaks Big & SmallPosted on Sunday, November 11th, 2007 at 6:32am.
That means we ought not to see many new listings for a while. Much of the inventory we've got now may be with us till Valentine's Day. (Don't mean to stress you out.)
The action we see these days consists of re-lists (of the bogus variety, of course), homes going off the MLS while still, actually, for sale, and price tweaks.
The big tweak of the week was at 2404 Palm, a 3-week-old listing MBC found strange and not terribly family-friendly (see "Unique Ain't Always Great").
Well, forget that $1.895m start price – and the Oct. 18 start date – because the clock just started at zero for Palm, with a new price of $1.749m (-$146k/-8%).
That's a sensible response to the market's rejection of the home at $1.9m. But as we approach $1.7m, we approach $1.6m, and there's a cluster of smaller, less-well-located homes there that could feel some pressure from this one.
Not threatened, apparently, is the recent remodel at 3012 Palm (second pic). It began at $1.579m, dropped to $1.499m, then re-listed with a fresh new 0 DOM and a price increase of $11k. (Really? $11k? Why bother?) So it's now at $1.510m. Worth noting: This appears to be a flip, purchased in June 2007 for $1.3m.
We saw a similar upward tweak a couple weeks ago on the new construction at 1901 Poinsettia. Three days after dropping to $2.249m, the listing went up to $2.259m (+$10k). This past Thursday, the extra 10 came off, and we're back at $2.249m. (That's -$249k from the start in August.)
These last two listings are probably playing games just to stay on the hot sheet – a price change merits a mention. Obviously, very little is "hot" this time of year (except Christmas decorations), but these sellers are doing what they feel they have to do.
Which reminds us... one listing that's recently gone dark (from the MLS) was one that MBC noted, back in August (see "Bump it Up? Why not?"), because the sellers appeared so "confident" that they actually boosted their price twice. The home is a forgettable bungalow at 2822 Ardmore – it canceled in late October but they've kept the sign out. They never wavered from their boosted price of $1.399m for 3br/2ba and 1400 sq. ft.
It's an intriguing case because the market shifted completely just days after the sellers increased their price. They never responded. And now they're in hibernation mode. We'll see what they wake up to.
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