Part of the new inventory each Spring is going to consist of homes that didn't sell the previous year.
That pattern is beginning to play out already here in 2017. Out of the newest 27 active listings, 12 spent some time on the market last year. That's almost half.
You try to learn from what didn't work –…
Part of the new inventory each Spring is going to consist of homes that didn't sell the previous year.
That pattern is beginning to play out already here in 2017. Out of the newest 27 active listings, 12 spent some time on the market last year. That's almost half.
You try to learn from what didn't work – whatever combination of price, marketing and presentation. Then you make your own luck in the new year.
A few examples:
516 Marine (3br/2ba, 1600 sqft.) boasts a livable mid-century-inspired cottage with a nice front patio.
The current owner picked this one up in March 2015 for $2.150M, apparently off market. By Fall 2015, the home was being offered for sale in the high 3's with plans for a new build.
Alas, that lot-plus-plans deal never worked out, the existing home remained and, later, a separate effort was made in 2016 to sell it and get the money back out. List prices of $2.299M down to $2.150M were tried on a succession of five back-to-back (to back) listings, but no deal ensued. (The re-list trick didn't pack any magic.)
Now 516 Marine is back again at $2.150M, trying again.
1801 Laurel (4br/3ba, 3040 sqft.) has a livable home, too, but the listing seems to focus (properly) on the pluses of the lot and location.
The 5200 sqft. lot is a bit bigger than you expect to find in the Trees, and the corner's favorable.
It's hard to say whether the immediate proximity to the Martyrs school (and dropoff area) is a clear plus or a minus. Maybe it's an eye-of-the-beholder thing. Yes, there's some traffic, but this is a part of town that people love, and it can be charming to be right next to a school. Most importantly, perhaps, the low-slung school building across from this property allows for a very special second-floor view from 1801 Laurel toward the hills of the Martyrs area, with the church steeple as a prominent feature.
The listing went through a price discovery process in 2016, starting too high at $3.199M but gradually moving down to $2.599M. It's back now a bit lower at $2.549M.
There are comps arguing for and against a number like that. If neighboring 1728 Laurel sells at or over its asking price of $4.100M, it's probably a point in favor of land value in that range.
Someone is going to be left out of the sale there at 1728, and might take a solid look across the street, thinking, "let's build our own."
133 15th (3br/3ba, 2300 sqft.) is a custom modern half-lot home that is right in the thick of downtown.
It first came to market in May 2015, asking $4.100M.
Time went on, with a price cut of about $200K after 6 months. The listing finally quit in March 2016 with more than 9 months of market time.
Now it's back at $3.649M, which adds up OK in light of land values in the area. They just need the right buyer.
There will be more. We're entering that (typically) exciting time when listings that have been held back are getting released to the market finally.
Good for buyers and, also, for those sellers who have learned from their last go-round.
Please see our blog disclaimer.
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.