Close the Books on 763 31st

By Dave Fratello | April 23rd, 2012
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.

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