Another John St. Bidding War

By Dave Fratello | June 20th, 2013

It seems they just can't price homes on John St. in the Tree Section right. Listings keep getting bid up.

To be clear, when 2200 John (4br/4ba, 3800 sq. ft.) was first listed at $2.499M, we knew at once that it was below market value – and that was for weeks before we got to tour. 

Over the past 10 days or so, buyers and agents have been allowed to walk through, and offers were reviewed early this week. (The property is now pending.)

After we saw 2200 John, we knew for sure that it was headed up into the stratosphere – a place beyond the reach, even, of buyers well-qualified at $2.5M.

Now at this early stage of the new escrow, the listing agent has taken the unusual step of changing the list price to the (presumed) winning bid price: $2.849M while switching it to "pending."

That's pretty much dead-on for how we forecast this bidding war in advance, in discussions with clients. We thought it should go easily into the 2.7s, could reach 2.8 and might, at an extreme, approach 2.9, depending on who was at the table. So this one got bid way up (+$350K over asking), but did not quite hit "extreme," by our initial reckoning.

The recent comps include two Cape Cods within a couple of blocks, which are a little bit more in demand style-wise than this custom Craftsman-style home with a 1994 build date. Those include 2301 Laurel (5br/5ba, 3400 sq. ft.) (pictured), now in escrow on a last list price of $2.895M (it will come close) and 1813 John (4br/5ba, 3550 sq. ft.), first listed at $2.999 and drawing multiple bids – the posted closed sale price there was $2.999M as well.

Lot size notes: The lot at 1813 John was smaller by a bit than 2200 John – 5080 sq. ft. compared to nearly 5700 sq. ft. at 2200. And the lot at 2301 Laurel is a typical 4800 sq. ft., though with the plus of being on a sunny corner.

As to other overbids on John Street, you still have to consider corner-lot 2301 John (4br/4ba, 2600 sq. ft.) the #1 shocker of 2012, maybe even the past year-plus, even after all the other shockers.

The start price of $1.519m was absolutely wiped out in a bidding war that saw at least 15 parties bellying up – it moved to $1.880m and closed last November. (See "Close the Books on 2301 John.") 

Before that there was also 1812 John (4br/3ba, 1750 sq. ft.), imperfect and built along a downsloping lot, which nonentheless drew plenty of interest and went above the $1.199M asking price (how quaint!) at $1.330M.

And who can forget the John Street bidding war that all but ushered in the current era of bidding wars generally?

That was 1805 John, a lot sale that began at $1.100M in March 2012 (oh, how supremely quaint!) but drew 20 bids and went for $1.352M. (See "1805 John: Predictions and Sale Price" for a walk down memory lane.)

Hey, would you make that deal today for that lot?

Sure, it's on John.

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