Whiplash

Posted by Dave Fratello on Wednesday, December 12th, 2007 at 5:05am.

We've seen price cuts before, but nothing quite like Tuesday's cut on 233 20th St.

Would you believe a 32% cut after one week on the market?

It's true. This one began Dec. 5 at $1.849m, got canceled and reborn with a new bogus re-list today at $1.249mdown $600k. That chop alone is almost enough to give you whiplash.

But it's not just that the price was wrong by one-third. The new listing offers 39% less of the same lot. (Wait now, maybe that's not a "bogus" re-list if you are literally changing what's offered so fundamentally.)

We kid not. The Dec. 5 listing (MLS #S959135) offered a "Full 30 x 90 lot" (2700 sq. ft.), including an owner's unit "plus 3 additional units."

The new one (#S959378) offers a 1633 sq. ft. lot and a "legal non-conforming duplex." Oops, we lost two units!

Tax records indicate that these buildings were, for years, on separate lots. In 2005-06, they were joined as 2007 Highland Avenue. If we're reading this right, thereafter someone went further to get "Highland" out of the address, switching to a 20th St. address.

Everything was tidied up and we were ready to see the whole thing sell as a package, most likely to a builder, and then someone had a beef.

Even on Highland (no, no, 20th St.!), this is a decent midtown location, frontage on the walkstreet, ocean views, steps to beach, etcetera. The listing agent knows local lots. And we all know this one is much more valuable as a street-to-alley lot.

Oh, you backlot folks, what's your price?!?

MBC is prepared to declare this case stranger than the mid-listing change of address at 232 16th, cum 234 16th, which we covered in June (see "Relistery Mystery"). But we'd like to know more than we do. Is it the fumes from Highland Ave. traffic that makes people crazy, or something else?

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UPDATE: The backlot is now available for $879k, making the total package $2.128m, or +$279k/+15% over the price the first week. There ain't much to it, but here's the listing link via Redfin for 2007 Highland.

2nd UPDATE: The front lot (233 20th) is pending as of Weds. afternoon.
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