It's rare indeed to see a Tree Section home go over $3m.
But once upon a time, it happened at a storybook house on prestigious 31st Street.
That was Summer 2006, as our local RE market was only beginning to hit the occasional bump in the road. The storybook home was
763 31st (5br/5ba, 3575 sq. ft.). It sold for…
It's rare indeed to see a Tree Section home go over $3m.
But once upon a time, it happened at a storybook house on prestigious 31st Street.
That was Summer 2006, as our local RE market was only beginning to hit the occasional bump in the road. The storybook home was
763 31st (5br/5ba, 3575 sq. ft.). It sold for $3.025m back then, in what could be called our last bubble year.
Regular readers know this one has been on and off the market for the past couple of years. We've repeatedly done 2 things here at MBC:
- expressed our love for the home ("a custom masterpiece"), and
- questioned list prices that ran as high as $3.295m.
This one never went under $3m in its 2010 listing, which ran a little over 5 months.
New agents, new year, same result – a 2011 listing ran nearly 5 months at $2.890m. No deal.
Somewhere between those listings, your blog author here had a good conversation with another agent about the right price for 31st, jointly concluding that it should be around $2.7m. That prestigious location, custom and high-quality build, incredible curb appeal – that seemed about right.
When the listing hit again in 2012 at $2.799m, we were thinking, "they finally got the message, they are ready. Here comes 2.7."
And, indeed, the sellers did bend and make a deal.
But that deal was surprising. The sale just posted at
$2.450m.
That's
-$349k / -12% off the last list price. You might call that both good bargain-hunting, and a major capitulation after about a year's total market exposure without a sale.
And that's no $3m house anymore. It's not even a $2.5m house. The new sale is
off $575k (-19%) from the 2006 trade.
Still, with the keys handed over at last, and someone enjoying their new home, it does seem like a happy ending.
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 21st, 2023 at 11:15pm 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.
