Cuts at $3M Tree Section Listings

By Dave Fratello | October 15th, 2013

We're watching two higher-priced Tree Section properties that have now made cuts.

Both are aiming near $3M.

What's next for each?

The first is 2009 Palm (4br/5ba, 4050 sq. ft.), a big, custom house, built pre-ZORP in the early 90s, and updated here and there since.

The official listing description leads with the home's obvious assets: "Location & Size do Matter!"

Point being, Palm is a great block, and that's a huge house. Of the location, we said a month ago:

Location is ultimately what sells the house. This is mid-block on one of the Tree Section's prime, quiet streets. John and Palm. Palm and John. They're interchangeable, dream streets. This is a flat section chock full of great homes.

And, yes, that's a lot of square footage. ("Size does matter" keeps echoing as we consider this home.)

They launched at $3.150M, and have now cut to $2.999M.

If you're inclined, in that first review, we pointed to the $3M-ish comps.

The second cut of note was at 2304 Poinsettia (5br/5ba, 4178 sq. ft.).

This is a 2001 build given a unique style label – "Urban Morocco" – in the current listing, despite being called a "unique Tuscan villa" in previous public listings. It has certainly been sharply redone by the current owners and is not your typical "Tuscan."

This one listed at $2.999M a few weeks ago and has just cut $100K to $2.899M.

We should note up front that, in the small space of time since the launch, they've changed the square footage in the listing. Clearly that would affect any PPSF calculations as to value.

Past listings have called this 3534 sq. ft. or 3357 sq. ft. That smaller number is in the tax records now.

But the home's been newly taped out, and the square footage found to be much larger: 4178 sq. ft. That's close to 25% bigger than the tax records say. The basement media room and spare bedroom clearly make this home bigger than normal; the sellers simply set out to prove just how big. (Buyer to verify, of course.)

And speaking of big, at $2.9M, they're still shooting for big game. However this settles out, they're going to bank some tidy profits. Just 2 years ago, they acquired this house as a short sale for $1.700M.

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