A South End townhome built in 1990 had to try 3 times on the market to finally make a sale.
95 Crest first came out in Summer 2015 asking $3M (ok, $2.999M), tried again late that year at $2.8M, and again in 2017 at $2.4M ($2.395M).
The start price in 2015 reflected how the townhome resale market had rocketed…
A South End townhome built in 1990 had to try 3 times on the market to finally make a sale.
95 Crest first came out in Summer 2015 asking $3M (ok, $2.999M), tried again late that year at $2.8M, and again in 2017 at $2.4M ($2.395M).
The start price in 2015 reflected how the townhome resale market had rocketed in 2013-14, with some nice resale units getting to $3.5M or more.
The gradual decline in asking prices from 2015-2017, and the eventual sale at $2.300M in July 2017, tracked with a softening in the townhome resale market since the super heady days way-back-when (OK, 3 years ago).
We showed 95 Crest a few times and could easily see what was holding people back. The unit was fine, but dated, and buyers were being asked to pay retail for a home that needed stuff.
The $2.300M final price looked a bit low. That would demonstrate yet again the risks of pricing too high, because you wind up taking less.
But, at last, they had found a buyer who would transform the property.
Over the past year, a home that needed everything... got it.
That remodel that other buyers had been unable to conceive or commit to? It was done.
New flooring, new kitchen, updated baths, etc. Air conditioning added. (Don't catch yourself saying A/C isn't necessary in Manhattan Beach!)
But then, you see how plans change for people sometimes.
Just 11 months after buying 95 Crest, the buyers became sellers, asking $2.595M.
The home (see the newest listing here) had been transformed. It was suddenly very saleable. And now it is actually sold.
A buyer came right away this time.
A property that had flailed and failed on the market repeatedly, and once had sold for too little, this time had sold in 6 days, for more than asking at $2.600M. (OK, just $5K more, but still... not less, and not over a long period of wasted time.)
That remodel looks to have paid for itself and helped the next people get right in to a move-in-ready property.
And it's a hopeful sign for the sometimes-shaky townhome market. Message: There are buyers there. They don't want to do work. They don't want to pay too much.
Oh, and getting it in time for summer, too? Bonus.
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 September 17th, 2024 at 12:55pm 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.
