Hold a house for a year, and you're not very likely to make money if you try to sell it.
Even in MB.
This is a lesson hard-learned, but gradually dawning on the owner/seller of 317 17th
, a walkstreet home near downtown.
17th was purchased in Nov. 2006 for $2.050m
. As MBC recently noted
, that was "about 30 minutes ago in local real estate time."
Just over a year later, the owner offered 317 17th for $2.799m
. And that struck MBC as, well, ambitious.
(See "Stuff Our Stockings (Please)
We described $2.799m as a "highway-robbery price" and noted that the seller sought a profit of $749k (+36%)
after a short hold. We speculated, in a perhaps non-PC way,
that the reason for sale might be that the owner "face[s] imminent court-ordered institutionalization."
Quite suddenly, those delusions have (almost) ended. Last week, the price was reduced to $2.499m, but this week, a bigger chunk came off, and the list price now stands at $2.199m
That's a drop of $600k and 21%
from that silly start price.
It's now just +$149k/+7%
over the Nov. 2006 purchase price, barely enough to cover the costs of sale.
It's all downhill from there.