A couple months ago, we discussed a townhome that was in utter unloading mode at 432 24th. (Click for property history via Redfin.)
MBC doesn't cover THs much, but this one hit the radar due to serial, daily re-listings on Craigslist – often with different prices. (See "Craigslist Craziness.")
We can now report that…
A couple months ago, we discussed a townhome that was in utter unloading mode at 432 24th. (Click for property history via Redfin.)
MBC doesn't cover THs much, but this one hit the radar due to serial, daily re-listings on Craigslist – often with different prices. (See "Craigslist Craziness.")
We can now report that as of late April, this TH – a 1995 build with 3br/3ba, 1975 sq. ft. – did make a deal.
The listing was off the MLS by then, so we only now came across the closing price. Here's the full progression:
- Jan. 2005 (last purchase): $1.247m
- Dec. 11, 2008 (listing start price): $1.299m
- Dec. 12, 2008 (listing changed price): $1.199m
- March 16, 2009 (listing changed price): $1.099m
- March 23, 2009 (listing changed price): $1.075m
- April 29, 2009 (sold/closed price): $1.030m
You may recall that the "Craigslist Craziness" story was partly about the fact that, while the home was offered on Craigslist at $1.199m and $1.299m, it was on the MLS at the same time for less. That fairly mocked the idea of Craigslist as some kind of bargain bin. You'd be paying more if you paid one of the Craigslist prices.
As things wound up, the buyer took a little more off the lowest MLS price.
More significantly, this buyer took a substantial bite off the early 2005 acquisition price: -$217k/-17%.
Interestingly, the same TH sold in Nov. 2002 for $810k. This puts the April 2009 value almost precisely at the midpoint of the two previous sales, which occurred 25 months apart (Nov. 2002, Jan. 2005).
We say often here that MB is largely living in 2005, pricewise, though we frankly doubt that our town will hover in that era for much longer.
Distress sales with location challenges will often lead the way. In MB, townhome values fall faster, too. These sales become the new comps and will keep pushing the market adjustment.
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 April 1st, 2023 at 3:46am 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.
