What Could Not Sell Does, Again

Posted by Dave Fratello on Friday, May 4th, 2012 at 2:25pm.

With our low-inventory, high-demand market these days, you keep seeing examples like this.

A property offered in the fairly recent past, unable to find a buyer, now does.

88 Manhattan Ave. (3br/4ba, 2150 sq. ft.) is an updated, 1996 TH with generous ocean views right down a wide street to the west. (See our review from Oct. 2011.)

This one was purchased in 2007 for $2.2m and became a classy rental.

Then, a few times, it was offered back to the market:
  • For about 2 months in 2009, as low at $1.899m;
  • Twice in 2010, for as low as $1.799m; and
  • For 2 months in late 2011, for as low as $1.849m.
None of those listings panned out.

But look again. This one just sold off-market and posted at $1.925m.

That's $76k above the last public offering price. (Pssst! Hey buyer, you coulda had it for less!) 

We mentioned another flashback sale a month ago – that being 2808 Elm, a darling Cape Cod in the Trees with a history of failing to resell. In "What a Difference a Year Makes," we noted that Elm had been offered in 2010 and 2011 for prices as low as $1.979m. This year, hitting the market 11% higher at $2.199m, it found a quick deal (8 DOM) – though it's still listed looking for "backup offers" 4 weeks later.

You have the sense with both properties – had these buyers been alert and ready last year, they could have saved some money. But that's Spring 2012 for you. 
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