It took 18 months, but finally, finally, both of the "Twins in the Trees" have sold.
3307 and 3309 Poinsettia were developed on a double-lot that was split. The homes were built by the same developer, were the same size (5br/5ba, 3250 sq. ft.), had the same layout and were priced exactly the same to begin.
One (3307)…
It took 18 months, but finally, finally, both of the "Twins in the Trees" have sold.
3307 and
3309 Poinsettia were developed on a double-lot that was split. The homes were built by the same developer, were the same size (5br/5ba, 3250 sq. ft.), had the same layout and were priced exactly the same to begin.
One (3307) had Cape Cod styling, and it went first – in December 2008.
The other (3309,
pictured) was more Caliterranean and lingered much longer.
Here at MBC, we were struck by the apparent overreaching in the initial prices:
$2.795m. At the time, with very limited exceptions, new construction in the Trees was barely hanging around $2.2m-$2.3m. So we called a pricing poll (see "
Pricing Poll: Twins in the Trees") to ask what readers thought might happen when these newbies finally found buyers.
It's a bit of a chuckle now to look at the results from that poll:
70% of poll respondents thought the Twins would sell for more than
$2.2m. (See "
Poll Results: Twins in the Trees.")
No, no, no. Neither home went in that territory.
The Cape Cod twin found love last December at
$2.1m.
On Monday, the Caliterranean got a new owner at
$1.9m, another 10% off the other Twin's price.
Drops from start:
3307: -$699k/-25%
3309: -$895k/-32%
Inevitably, the Twins seem to suggest something about the direction of the local RE market.
Both Twins stand for the proposition that it was a bad idea to overprice in early 2008. The Troubles had begun in late 2007, and the outlook was not good. Spring, then Summer, came last year and then Fall, well,
fell. $2.1m must have seemed like a sacrifice for Twin #1, until #2 came in.
Are we really down 10% since December? On a $4m plot over by the refinery, a bit of evidence suggests "yes."
And the future? We won't know until one of the Twins comes back to the market – or both do – however many years hence.
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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 18th, 2024 at 6:30pm 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.