There once was a buyer for
132 2nd who had agreed to pay more than $6.0m –
$6.225m, in fact. However, that off-market sale flopped when the buyers moved on a 16th St. home instead.
The most recent buyer has just closed on 132 2nd for a lot less:
$3.3m.
Yes, that's nearly $3m less than the big-fish-that-got-away deal…
There once was a buyer for
132 2nd who had agreed to pay more than $6.0m –
$6.225m, in fact. However, that off-market sale flopped when the buyers moved on a 16th St. home instead.
The most recent buyer has just closed on 132 2nd for a lot less:
$3.3m.
Yes, that's nearly $3m less than the big-fish-that-got-away deal 2 years ago.
The gradual, inevitable fall of the market price for 132 2nd has been chronicled here at MBC over the past year. (See "
Riches Slip Away.")
One of the outstanding questions, after that flirtation with a big payday, was: Would the sellers ever get realistic about the true current value of the property?
They did.
After an unsuccessful effort to sell publicly for
$6.0m in 2008, they brought it back in March 2009 at
$4.5m, and even dropped to
$3.795m. That's where the listing last stood before a buyer came in – and took almost
$500k more off the top.
The secondary question was whether the sellers would get more than they had paid for the property in 2005.
They did not.
In April 2005, the owners paid
$3.5m. The new sale price is down some from that
(-$200k/-6%), pushing the value into, perhaps, late 2004.
Yes, that off-market offer in 2008 was overheated, though some say a market price is whatever a willing buyer will pay to a willing seller. The afterglow of that pot-of-gold-in-hand surely contributed to the home's chasing the market down over the next 2 years.
They say buyers should beware. But sellers, too, need to know when something's too good to be true.
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.
Based on information from California Regional Multiple Listing Service, Inc. as of March 29th, 2023 at 3:30am 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.
