A Twin Comes In

Posted by Dave Fratello on Saturday, December 27th, 2008 at 5:15pm.

The first of the Twins in the Trees to make a deal, 3307 Poinsettia has now closed at $2.1m.

It took 8 months on market and a price concession of $699k (-25%).

It was apparent when both 3307 and 3309 Poinsettia (click for more pics & details) hit the market in early 2008 that the $2.795m start prices were overly ambitious. (These are 2 new homes developed on the same (split) lot by the same developer with the same layout, but different styles – hence their twinness.)

MBC called a poll 9 months ago (see "Pricing Poll: Twins in the Trees") and found that 70% of readers generally believed the properties were overpriced, but would probably sell for $2.2m or more. (See "Poll Results: Twins in the Trees.") Such optimism was obviously not well-founded. The 27% who said "Below $2.2m" were the most prescient.

The sale here will have some spillover effect, of course, on the price for leftover 3309 – now at $2.195m.

The $2.1m closed price is also consistent with a downward trend among much – but not all! – new construction in the Trees this year. More on that shortly.
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