Another new listing that isn't so new draws our notice today, because it's down $775,000 from the initial asking price.
A perfectly nice early-90s home – updated in key areas – at 2909 Elm first went on offer November 7, 2006, at $2.8 million. That price was really pushing the envelope, garishly high, for what the…
Another new listing that isn't so new draws our notice today, because it's
down $775,000 from the initial asking price.
A perfectly nice early-90s home – updated in key areas – at
2909 Elm first went on offer November 7, 2006, at
$2.8 million. That price was really pushing the envelope, garishly high, for what the home is (5br/4ba, 3450 sq. ft., slightly larger lot at 5600 sq ft).
By springtime, the price was down to
$2.495m, and briefly in late June, down again to $2.395m. Even at that level, it was at or above the price of similarly sized, nearby new construction.
In a different market, you could keep waiting to get your price. But in the glutted Tree Section, the writing was on the wall:
$2.4m was never going to happen.Reality intervened.
This week: New agent, new MLS number, and a new price:
$2.025m.
At the moment, this makes 2909 Elm the lowest-priced home above $2m, and finally it compares favorably with the others at the same price point. (See the
MB Market Update spreadsheets for more.) Now, at least, there's a fighting chance of making a sale.
Just had to shake off that extra $800,000.These cuts brings to mind the shakedown at
108 S. Dianthus, a Hill Section home that
sat for nearly 400 days before closing
$1.25m below the initial asking price of $4.5m. Yes, it's possible to get your price wrong for a long, long time.
As a buyer, if you knew that Elm had made two steps down – one from a silly price to a semi-defensible price ($-305k), then down again to a more current-market price (-$470k), you might ask:
How much lower will they go?!?That's what re-listing is all about. The new agent doesn't want to answer those questions or otherwise to be saddled with the baggage of this property's listing history, so
it's gone. The MLS #R937139, attached to this home since November, was canceled after 240 days, giving way to #S950200.
So please don't ask about the old listing or old prices, or what's motivating the sellers now – that's rude.
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 4:10am 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.