Even Challenged Listings Are Selling

By Dave Fratello | October 29th, 2019

As the real estate season nears a slow period, we're actually seeing a good number of listings finding buyers.

Some are those that have been out there for a while, trolling unsuccessfully for buyers.

(Fun word fact: "trolling" implies the use of rod & reel, while "trawling" suggests use of a net... most sellers don't have the real estate equivalent of a net, and are casting out looking for one buyer, hence... trolling.)

It was just last week that we observed of this time of year, for sellers: "the best options are to (1) make price cuts and (2) try to work out the best deal possible when you've got a buyer on the line." (Dave, why, pray tell, is your head full of fishing analogies? - Ed.)

Here are the newest escrows coming out of listings that had run for a while before making it work:

235 4th Street Manhattan Beach CA235 4th (4br/6ba, 4135 sqft.) is new construction on Highland and fronting a walkstreet.

The modern-style spec construction had a unique challenge during the build, accidentally going over the 30' height limit, requiring a partial rebuild.

The issues were fixed, though, and it was just a matter of finding the market level.

The listing ran 8+ months, starting in prime time in February this year, but cutting nearly $1M during marketing before inking a deal yesterday while listed at $7.399M.

The timing and price cuts somewhat mirrored the last modern-style new construction on Highland to sell.

That was 232 6th (5br/7ba, 4300 sqft.), which launched in Feb. '16 and needed about 6 months to make a deal. Launched at $9.000M, the listing took cuts down to about $7.6M before closing at $7.385M in Oct. '16.

Also new construction that hung around...

210 Poinsettia Avenue Manhattan Beach CA210 S. Poinsettia (6br/6ba, 5500 sqft.), in the southern part of the Hill Section, needed more than 5 months to bring an acceptable offer.

And this one needed a full $1M off the initial asking price to make it work.

The start in May was $8.500M, but it cut to $7.500M (its second cut) about 10 days ago. That's what triggered the final bit of action.

An offer was accepted yesterday on this one, also.

229 19th Street Manhattan Beach CAA walkstreet remodel at 229 19th (5br/4ba, 4540 sqft.) first appeared on the market in November last year at $5.975M, took the holiday season off, and returned this Spring at $5.875M.

After a bit more than 7 months this year, the price was down to $5.250M and remodeling plans for the former duplex were made part of the listing. (Good to see, as the floorplan was a bit choppy, though interesting.)

They made a deal late last week.

218 1st Place Manhattan Beach CAMore new construction: A south end modern-style new construction alley TH at 218 1st Place (3br/4ba, 2000 sqft.) began in May 2018 (pre-completion) asking $3.999M.

That listing dwindled down to $3.549M over the Summer this year.

They rebooted (with fresh, new DOM) in mid-September at $3.399M, the price where it stood when they accepted an offer over this past weekend.

The front unit of the same building, 217 1st St. (3br/4ba, 2000 sqft.), closed in May this year at $3.912M.

709 Larsson Street Manhattan Beach CAAnd we'll credit 709 Larsson (4br/4ba, 3400 sqft.) for its quick sale (6 DOM) last week, but that came after 3 months of the Spring and Summer where the home went unsold.

The prior listing was at $3.299M and then $3.199M.

The recent listing, which was snapped up quickly, was at $2.999M, or $101K below the acquisition price from just over a year ago, in July 2018 ($3.100M).

 

 

 

 

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