Challenge from Gates Flops

By Dave Fratello | September 24th, 2013

It was bold. It was bullish.

In April, a home we called "one of the most difficult listings from 2012" came back to market priced higher than it had been in its failed run last year.

That was 1701 Gates (4br/3ba, 3390 sq. ft.), where the act of increasing the price to try to sell this year "fairly dares this market to prove that everything really is different in 2013," MBC said in April.

Gates dared. The market stared back. A 5-month standoff ensued.

Alas, Gates blinked. And quit.

At 1701 Gates, anyway, everything was not different in 2013.

You will note in our post from April ("A Challenge from Gates Ave.") that MBC was skeptical that this tactic of boosting the price 13% was going to work out. You try never to say never – if you're old enough to know better – but the prospects for Gates this year seemed, achem, not to be improved by jacking up the price.

The listing had run almost 6 months in 2012 at prices of $1.598M down to $1.498M. They came back this year at $1.698M.

As we said in April, "This home has lingered based on location (far east, and along busy Redondo Ave. – check it out in Streetview) and due to the fact that it's a 1981 original which, while well preserved, seems blank and wants a lot of updating... The yard is also a bit cluttered (whoops, the description calls it "lush") and not, seemingly, well integrated with the living spaces."

Not much changed this year, even with low inventory making a lot of amazing things happen all over town.

Anyone want to place a bet for 2014?

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UPDATE: 1701 Gates re-listed at $1.650M a few days after this post appeared.

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