Welcome Self-Corrections

Posted by Dave Fratello on Monday, June 28th, 2010 at 9:02pm.

You might really mess up in pricing your property out of the gates. Plenty of people do.

The question then becomes: How quickly can you fix it?

In just over a month, 3116 Manhattan Ave. (3br/3ba, 3300 sq. ft.) has cut 19% from its ambitious start at $3.1m.

After 2 separate cuts of $250k and $350k, it's now down to $2.5m.

As MBC said in our first reference to the home a few weeks back, the home:
offers big ocean views, yet tends toward the wacky, with a remodel of a 1940s home that's got odd angles, decor and that rarest of MB finds: an indoor tree. 
The garage-door mural is yet another bonus.

We'll also note that a few pics from the upper deck do faithfully represent the ocean views from the house, but one great view pic taken from the walkstreet below is more about the neighborhood. All the same pics are set to music in this virtual tour.

It was clear at the start that 3116 Manhattan wasn't a $3m house, but it could be a $2m house – or lot. At 3,500 sq. ft., this little sliver of the North End might be redeveloped profitably if the dirt price were right.

Speaking of Sand Section dirt – this week we see that 445 32nd has made its 11th price change (the 10th intentional, after an inadvertent change to $15.0m), but this has only brought it to $1.299m, the same price as the very livable, fairly attractive new listing at 469 32nd (3br/3ba, 1675 sq. ft.), just down the block.

As if we needed further examples, here's a case where an overpriced listing that once had the field more or less to itself has wasted 4 months of market exposure, only to be ruled largely irrelevant by a lower-priced, superior listing nearby.

For 445 to match the $1.299m start price at 469 obviously isn't enough. The new listing at 469 is more attractive and updated by a longshot.

Get ready for price changes 12-15, and perhaps beyond, at 445. It's not clear that the structure is worth retaining, "Pottery Barn/French/Italian" as it might be inside, so we'll be watching to see if the price approaches lot value.

This is a moment, though, to note regarding 445 32nd that, as bad as that exterior photo is, there probably isn't a good angle to shoot the home from.

Your blog author swung by recently with a video camera, trying to capture the utter lack of good photo options from any side. We probably won't upload that first attempt at MBC video, but trust on on this much: That listing pic is about as good as it gets.
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