If you're a writer or a reader (hi there!), you might know the old saw about headlines that are written in the form of a question.
According to what's known as Betteridge's Law of Headlines, if a header ends with a question mark, the answer is "no." (Example: A blog post titled, "Do Most People Know Betteridge's Law of Headlines?")
But here at MBC, we like toying with tradition. Defying expectations. Mixing it up.
And so it was with our headline on a December post about the "Manhattan Pointe" condo complex east of Aviation Blvd.: "Big Bump Coming at Aviation Place?"
Then, most definitively, our predicted answer to the question was, "Yes." A "big bump" was coming.
There had been no sales at all in the 28-unit complex of row-house-inspired townhomes since 2012. A sudden rush of sales in that year had brought up typical prices for the close-knit community by 15% from 2009-2011 levels. There were 6 sales in 6 months of 2012, the last and highest at $740K. (We wrote up several sales in "Hoppin' at Aviation Place" in Oct. 2012.)
Absolutely nothing happened in the community after that for 3 1/2 years. (Well, of course, people lived their lives, did homework, shot hoops, laid out trays of finger foods for parties – but there were no real estate sales, which is our concern here.)
In December 2015, one listing tried to blow way past the highest-ever sale in the Manhattan Pointe complex, which had been $840K. (The high was at 241 Aviation Place in Sept. 2007.)
Going for the gold was 213 Aviation Place (3br/3ba, 1750 sqft.), with an asking price of $1.149M to begin.
Alas, that sale was not to be. Even with a cut to $1.049M and 70 slow days on market. The listing quit in early February.
But someone else saw where the wind might be blowing.
Just 48 hours after 213 Aviation Place had flopped and packed it in, along came 301 Aviation Place (3br/3ba, 1700 sqft.), which shall take center stage now for the balance of our story.
301 Aviation Place boasts a remodeled, modern-style master bath, upgraded wood-style flooring, and a location right at the play area in one corner of the complex – potentially great for a family with kids.
301 came out asking $1.075M, more than the last asking price at the just-concluded listing at 213 Aviation Place.
A month came and went, and you might have begun to wonder – just as roughly 27 other Manhattan Pointe owners surely began to wonder – would anyone get more than $1M, after all, for one of these units?
Then it happened. In mid-March, hands were shaken, ink went on the bottom line, and there was a deal.
Lo, these months later, we see the end result. A sale price slightly higher: $1.077M for 301 Aviation Place.
This kills the prior high sale by nearly $240K and 28%.
It's more than 45% higher than the last sale back in 2012.
We'll go ahead and call that a "big bump" by either measure.