Couldn't Get It, Then Got More

By Dave Fratello | August 28th, 2013

 It's a theme you've heard here before: What couldn't sell before, now does.

 A couple of recent examples are real eye-openers.

432 23rd Place (3br/4ba, 2250 sq. ft.) is a late-90s townhome on an alley. 

This one has had a very difficult time on the market, trying, but failing, to sell in each of the past 4 years, 2009-2012.

But you know how it worked out this time.

The last list price in 2012 was $1.149M. It canceled nearly a year ago in early September at that number.

This year, the home presented differently. In past years, it had been occupied, felt very dated and had a closed-in, walled-off kitchen. That sort of isolation of the kitchen was "out" when the TH was built – a mistake. But this year, they opened up the kitchen to the living area and gave the whole home a head-to-toes refresh. New paint, carpet, bath fixtures, kitchen appliances and all kinds of little touches. (We wish they'd changed the countertops in the kitchen, which looked old and clashed terribly with the newly painted cabinets.)

The reboot worked. Asking price was $1.499M, and the sold price $1.485M.

So that's more than $300K above what they could NOT sell the same home for last year.

The work took only a fraction of that money. It's an interesting argument for how sometimes, fixing flaws may drastically improve your chances to sell.

But it helped that this was 2013.

Meantime, another Speedy Speckie has sold.

We're kind of refusing to be shocked anymore by the success of the speckies.

Still, this one may get you to say, "Really?"

It's 2600 Oak (5br/5ba, 3200 sq. ft.), newly closed at $1.899M.

One year ago, this one was priced at $1.699M.

A re-list of the same property in January was at $1.699M.

A second re-list of the property this year was at $1.799M, then the price was raised to $1.899M in June, just before a buyer knocked.

Like many of the speckies, this one had always seemed to be priced a little bit ahead of what you'd think a buyer might pay. And like the successful recent Speedy Speckie sales, this one continued to raise the price as the market heated up, finding complete success in the end.

As we noted in June, with some awe, in "Reconsidering the Speedy Speckies," this price-raising tactic has been successful before. 

1601 Pine sought $1.749M in 2012, and just sold for $2.055M.

1605 Pine was at $1.799M in 2011, and sold this year for $1.980M after a price increase.

807 Boundary Place was up last year at $1.999M, and just closed for $2.199M.

So for these new homes, $200K-ish price increases have consistently worked out.

It even worked for 2600 Oak, on the "wrong" side of Oak, having been forced into service as a rental from time to time, backing up to a hotel, accumulating DOM. Were these strikes against it? No, they were opportunities to position the home for sale in a better market.

Waiting worked.

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