Back, With Reduced Ambitions

By Dave Fratello February 9th, 2008.

You tried to sell in 2007, it didn't happen quickly, and you took the holidays off.

Coming back into this market, after a dismal January (and we are not just talking about local RE), you're going to need to adjust your ambitions a bit.

And that's what we see on 3 comebackers in the Tree Section. (No ready examples in the other regions west of Sepulveda.) Here they are (click addresses for pics & details via Redfin):
  • 3212 Palm (4br/3ba, 2300 sq. ft.) (first pic above) tried for a little over a month in 2007, starting in October at $1.585m. Now it's back, starting at $1.545m (-$40k/-2.5%).
  • 605 36th (4br/3ba, 2350 sq. ft.) (pictured at right) tried for almost 3 months, starting in September at $1.559m. Now it's back, starting at $1.399m (-$160k/-10%).
  • 609 26th (5br/4ba, 3800 sq. ft.) (pictured below) tried for almost 4 months, starting in June at $2.299m. It's back now at $2.099m(-$200k/-9%).

As it happens, all 3 of these comebackers took 60 days off the MLS, or very nearly so, and MBC is going along with the fresh DOM clocks for each as a result. We'll note their 2007 prices in the "comments" section of our spreadsheets.

Of these, 605 36th seems to be trying hardest to be reasonably priced. It's a unique property, and the location won't sing to anyone, but they're trying. Palm just isn't perfect; needs updates, and that price doesn't concede either point. At 609 26th (pictured at right), which we haven't yet seen, there's the advantage of big square footage and a quiet location, but it's unfortunately priced the same as some snazzy new construction at 1417 Elm and will have to stand out in the increasingly crowded $1.8m-$2.2m range.

We expect a few to several more comebackers soon to join the growing drumbeat of new inventory, so we'll see how much they, too, adjust upon their returns.

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