It was nearly 4 and a half years ago, in MBC's 9th post, that we posed this question: "What's Up with 864 12th Ct.?"
We called the little home a "frequent flier on the MLS," noting these bubble-era trades of the home:
- Aug. 2002: $850k
- Aug. 2004: $1.150m
- Aug. 2005: $1.469m
Ever-increasing…
It was nearly 4 and a half years ago, in MBC's 9th post, that we posed this question: "What's Up with 864 12th Ct.?"
We called the little home a "frequent flier on the MLS," noting these bubble-era trades of the home:
- Aug. 2002: $850k
- Aug. 2004: $1.150m
- Aug. 2005: $1.469m
Ever-increasing prices, and always with sales in August.
In March 2007, the owners were trying for another little markup to $1.549m – more than $1,000/PSF for a Tree Section house backing up against a commercial parking lot. Wow.
But when we were asking "what's up with that?" in 2007, we had the sense that the sale wouldn't happen, and it didn't. The listing quit, and we didn't hear more about 864 12th Ct. (4br/2ba, 1500 aq. ft.) again.
Until recently, that is. An off-market purchase of this little cottage has just posted.
The newest trade: $1.135m.
That's a complete rewind to 2004 pricing, not to mention a paper loss of $334k (-23%) in market value from the 2005 acquisition.
We looked for evidence that the 2005 price maybe reflected some remodeling between '04 and '05. That doesn't seem to be the case. The '04 listing includes references to the remodeled kitchen, stainless appliances, new crown molding, etc. And the home sold then for $1.150m.
We've got no gripe with a 1.1-ish price now for a smallish home near schools, parks and downtown. From here it looks like a good deal for both sides, whereas the '05 price just looks preposterous. That time, 12th St. sold off-market. (Beware those off-market "deals!")
The phantom equity is gone, washed away like so much of the froth of the bubble era, while patterns have returned to normal at 12th Ct.: It sold in August, again.
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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 March 18th, 2024 at 8:35pm 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.