The Twins Slip

Posted by Dave Fratello on Friday, July 11th, 2008 at 5:38am.

Four months ago, MBC readers weighed in on the asking prices of two new homes – The Twins in the Trees, 3307 and 3309 Poinsettia. (3309 is pictured; click addresses for details via Redfin.)

The homes are next-door neighbors built by the same developer after a lot split. They share a layout and are the same size, though they're not styled the same – one is Craftsmanesque and one is Caliterraneanesque.

The Twins have been priced exactly the same from Day One. They began at $2.795m, despite the proximity to the refinery.

Both homes started at $860/PSFvery high compared with most Tree Section new-construction sales over the previous 6 months. (A few special newbies have neared, but not exceeded, that threshold, in sales that closed in the time since The Twins hit the market. For more info see the current MB Market Update spreadsheets.)

In our poll, readers overwhelmingly felt that joint start price was at least $300k too high. And on Thursday, the developer agreed, dropping the prices on both to $2.499m.

This price move virtually guaranteed that 48% of voters in the pricing poll were right to guess $2.2m-$2.5m. (Click here for the full story on the results; or here for the original story about The Twins setting up the pricing poll.)

Of course, that assumes that they get $2.2m or more. There are now 17 active SFRs in the Trees between $2.2m and $2.5m. Not all will wind up on the high end of that range.
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