Closing 757 30th Again – For More

By Dave Fratello | August 27th, 2010
The developers behind 757 30th surely would have waited an extra year if they had known they could get $2.125m for the property.

Instead, they sold it short last August for $1.8m. (See "Close the Books on 757 30th.")

364 days later, it has now closed for the aforementioned price of $2.125m in an off-market sale.

One year later, and a resale for $325k/+18% above its recent trade – color us surprised.

The slightly-larger-than-average Tree Section speckie (5br/4ba, 3350 sq. ft.) debuted on the market in November 2007 at $2.699m. We had plenty of time to track it here at MBC. It logged 550 DOM by our count, as it went through the usual round of tentative cuts, sniffing buyers, broken deals – and ultimately the short sale process. (The once-ever-so-present bank that underwrote the build also vaporized during that time.)

As we said in closing the books on 757 30th last year:
Here's yet another case of new construction slated for a $2m+ price that has come in significantly below $2m.
Yet now it has sold for more than $2m. Does this mean the Trees are back?

It's tough to use off-market sales as a gauge. Sellers will often demand more for the privilege of taking their home when it's not offered to the general public. But this sale was no flip – we hear the sellers had an unfortunate personal situation, and we'll leave it at that.

Still, we have questions: What kind of a deal do this year's buyers think they just got? Who else sees it the same way? And what's the next surprising '09 resale going to tell us?

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