At last, there has been a sale in the Trees at $2m+. And this was a big one: Over $3m.
The last reported new escrow in the Trees (from MLS-listed homes) came on July 31 – 2104 Palm, as noted in "A Trickle."
Fully 41 days later, we get the report that new construction on highly desirable 31st St. is in a contingent…
At last, there has been a sale in the Trees at $2m+. And this was a big one:
Over $3m.The last reported new escrow in the Trees (from MLS-listed homes) came on July 31 –
2104 Palm, as noted in "
A Trickle."
Fully
41 days later, we get the report that new construction on highly desirable 31st St. is in a contingent escrow (
717 31st, that is).
Start price on this one was $3.449m on April 19. Three months later, the
slate was wiped clean with a re-list and a modest price drop to $3.379m.
(An aside: You think the "CDOM" field ["combined days on market"] seen by realtors is the honest fallback number everyone can trust? Don't believe it – today, we're informed that the CDOM on this home shows 66 days, not the truthful 144 days.)
So, two months after re-listing, and having witnessed the near-stoppage in the market since early August, did the builder offer a significant discount? It would seem willing, qualified buyers in today's market can name their prices. We shall see.
This new escrow raised another important question – what else, from the MLS, has gone into escrow since Sept. 1? Our records say:
- Sand: 217 Sea View ($1.520m), 216 2nd (under construction, 1 DOM, $4.699m), 1212 The Strand ($10.9m)
- Trees: 717 31st ($3.379m)
Also, 217 9th St., new construction near downtown, went from sold with a final reported price and closing date, back to pending. We're sort of tiring of this back-and-forth.
So, we count 4 new escrows in our subject market segments (west of Sepulveda, SFRs only). We have a new record for a Tree Section drought – 41 days eclipses 25 days without a sale in the $2m+ segment.
But some folks are happy. And just imagine how those sales will skew the monthly median price when they close. Isn't it a sign of a healthy market when the median price keeps shooting skyward?
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of April 28th, 2024 at 5:20am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.