It wasn't long ago at all that someone purchased 523 Marine – September 2006, to be exact. Purchase price then was $1.310m.
It was a nice discount at the time – our older records show the property was first listed at $1.450m in May of that year.
The purchase was about 18 months ago. Then 523 Marine was back on the…
It wasn't long ago at all that someone purchased
523 Marine – September 2006, to be exact. Purchase price then was
$1.310m.
It was a nice discount at the time – our older records show the property was first listed at
$1.450m in May of that year.
The purchase was about 18 months ago. Then 523 Marine was back on the market in early late February of this year.
This owner sought
$1.379m, and the property sold quickly – less than 3 weeks on the market. (There's some of that going around these days – what's selling seems to be selling fairly fast.)
After a quick escrow, the former owner got
$1.340m (
-$39k/-3% off list,
+30k/+2% over Fall 2006).
Though the price was essentially flat, it seems fair to assume the owner took some kind of financial hit. The buyers' agent's commissions alone, at 2.5%, would be $33k, wiping out the $30k bump over the purchase price. Also, assuming there was a mortgage on the home, you have to consider 18 months' worth of mortgage payments, much of which would have gone to interest. Tax deduction or no, much of that money is simply gone.
Still, in today's market this could have worked out a lot worse. A quick sale and a quick escrow gave the seller a great escape, and the buyer a pretty good deal.
Just down the block, a brand-new listing at
621 Marine has a seller hoping for a similar escape after a shorter hold. This home was purchased in March 2007 for $2.436m. A year later, it's up at
$2.489m (+$53k/+2%). Quick sale, anyone?
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NOTE: The original story transposed two digits of the sale price at 621 Marine and two digits of the original sale price. A percentage increase was calculated based on those incorrect figures – explaining the first several comments on this story. We regret the errors.
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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 November 30th, 2023 at 4:01pm PST. 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.
