Seeing as how MBC scolded the sellers of 579 29th
for boosting their price mid-listing
, it's appropriate now to say congrats and well-done on occasion of their closing escrow on a sale.How did they do it?
They got real.
Now they're out, while everyone with a live listing in the Trees over $2m is nervously wondering what's next.
The sellers of 579 29th put their home up on offer in early December 2006 (who starts in December?)
. That was pushing the high limit. The home is 5 yrs. old, 5br/5ba, 3450 sq. ft., on a standard 4800 sq. ft. lot, and has some nice upgrades. But that was a new-construction price – and high, even then.
With no action, the price came down to $2.400m
by early May. But later that month, the price shot back up to $2.519m
The price kept moving – back to $2.4m, then to $2.329m, where it sold last month.As of Friday, the closed price: $2.250m
, down $325k (-13%). Price per square foot: $652. TDOM: 232.
That's a big cut – the largest we've seen in this market segment (Trees $2m+) since April, but we doubt the sellers will need grief counseling. They paid $1.4m five years ago.
Among current listings, there are clusters near $2.3m and near $2.5m. Here's a sale that moved from high in the upper group down to a notch below the lower group.
You might share MBC's opinion that they started too high (the sellers agreed and disagreed, so don't ask them)
, but the movement is noteworthy regardless. Market prices are set by those who close deals.
Now, about the 24 active Tree Section listings above $2m...