Sometimes it seems that certain homes just can't stay out of the news.
A listing comes, it goes, it comes back. In the not-quite 4 years since MBC launched, we've had the opportunity to cover the sales, and then resales, of several properties.
Looks like we'll have another chance, this time with 2509 Palm.
You may…
Sometimes it seems that certain homes just can't stay out of the news.
A listing comes, it goes, it comes back. In the not-quite 4 years since MBC launched, we've had the opportunity to cover the sales, and then resales, of several properties.
Looks like we'll have another chance, this time with 2509 Palm.
You may recall that 2509 Palm (5br/4ba, 3200 sq. ft.) was one of the last speckies developed by one particular builder in the last cycle. Facing a torrent of issues, he put up 5 unsold speckies for auction back in November 2008. None sold, and 2509 Palm wound up foreclosing.
(For a refresher, see MBC's first post on the auctions, "Name Your Price?", the post on Palm foreclosing, "Back to the Bank," or the recent wrapup story on the auctions' results, "Revisiting the HB/MB Auction.")
Since the home's back on the market now, we'll quickly recap the property's often-public sales history:
- $1.122m – lot acquisition price, Dec. 2005
- $2.449m – start price on completed home, April 2007
- $2.025m – sold price on 2509 Walnut, this home's identical twin, in July 2008
- $1.949m – last asking price before auction
- $1.499m – auction start price (buyers would have had to add a 7.5% "buyer's premium," so the effective start price was $1.558m)
- $1.679m – last price on the active, post-auction listing, late 2008
- $1.504m – posted transfer/sale price as the bank acquired the property, Jan. 2009
- $1.535m – price paid by an investor to flip the property, late Jan. 2009
- $1.799m – start price on the flip, Feb. 2009
- $1.675m – sold price on the flip, June 2009
Of these many facts & figures, maybe the ones that matter most are:
- the home finally sold to an actual buyer intending to live in it for $774k less (-32%) than the start price, more than 2 years after launch – and yes, that sold price was a surprise at the time;
- price paid in 2009 was just $553k above lot acquisition, with the builder's and bank's donations to the project likely in the low hundreds of thousands of dollars; and
- start price today, $1.749m, is a little bump of $74k/+4% over the acquisition price from about 18 months prior.
Palm is listed as a relocation sale now. The home's described as "decorator perfect," and it is quite nice in the pics – a quantum leap from its sad, vacant-for-too-long look from 2007-2009. That will help.
The home suffered in the past mainly from seller problems and price problems. A bit of a location issue remains – you'll like the short cul-de-sac street or you won't; busy Marine is an imposing presence nearby.
Relo sales get done, so the big question is what a buyer will put up this time in writing another chapter for the property.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 2:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.