December Ain't March

By Dave Fratello | December 3rd, 2013

Along with the rule that fewer listings come out over the holidays comes a corollary: The properties that remain on the market probably mean to sell.

For this reason, the holiday season can be a heck of shopping season for real estate. Fewer buyers, more motivated sellers. What a rare alignment. Especially here in 2013.

You start to see this shift in the market with public price cuts. A new chop Tuesday morning at 3603 Manhattan Ave. (3br/4ba, 1900 sq. ft.) seems to examplify the change.

This is a mid-90s Spanish style TH fairly near Rosecrans offering what are described as "Fully Executive Ocean Views."

In our prior reviews here at MBC, we've said there were "shooting for something special here, pricewise, at $2.499M."

As a look at the comps suggested, that was ambitious. 3312 Manhattan Ave. is comparable in size and location but recently sold for less ($2.299M, off market). We have invited MBC readers to browse this list of THs sold in the last 6 months to make your own judgment.

Well, now the sellers have made a judgment: Time to price it more like 3312 Manhattan Ave. They've cut $200K (-8%) to $2.299M.

This cut is a simple acknowledgment that December is not March.

If you mean to sell now, you can't shoot high and just wait to see what happens. 3603 Manhattan has been vacant since it hit the market in October. Were they going to run 3, 4, 5 months before making a necessary cut? 

True, any buyer can approach any seller and offer less than asking price. You see what happens then.

But there's a message behind big, necessary adjustments like at 3603 Manhattan: Hey, look over here – we actually mean to sell. Come bring it. Please.

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