Welcome back, and here's hoping you had a great holiday weekend. Thanks for permitting MBC a little (unannounced) break.
We did have a new South Bay Confidential column
this past weekend, looking at the biggest price chops we've seen this year in the broader region. Hint:
The bigger they start, the harder they fall.
As to weekend opens, this weekend, it looked like a virtual boycott of Memorial Day. We saw only one new offering [226 42nd
, (3br/2ba, 1600 sq. ft.), $1.088m
] in the Sand, and El Norte at that.
Alas, we didn't visit or review, but we're open to feedback from any who did.
So with the past behind us, let's turn to the news.
And once again, somehow, it seems to involve the Speedy Speckies.
Turns out, the launch price of the flagship of the bucket of 5 new homes, 2516 Pine
– the only one that's on the MLS – has been reduced 9% in less than 2 weeks
on market. Quite quickly, it's at $1.999m
Are we supposed to have forgotten that 2516 Pine
launched at $2.199m
on May 16?
Are we supposed to forget the published record? (See "$2.2m for First Speedy Speckie
Are we supposed to trust the MLS to track this properly?
The listing agent did seem to pull what we used to call a "bogus re-list" on the property. At the beginning, the property had the MLS #S11062077.
Eleven days later, with the price cut, the property acquired its new
The user-friendly Redfin
site counts days on market for 2516 Pine as 4
as we write, meaning they've been fooled.
The MLS shows a full 15 CDOM, meaning "combined days on market," a count which tolls for the property regardless of re-lists. But average consumers – even devotees of Redfin – get the whitewashed record.
OK, so they made a mistake with the start price. Who's not human?
And that $2.0m-range re-start price is still worth watching. There's a lot of
profit planned into these quick builds on $800k lots. Just a little less, now, than before.