Hot Potato

By Dave Fratello | January 16th, 2009
There's a sweet, traditional home in the South End that just can't seem to hold onto its residents.

532 1st was purchased less than 2 years ago, in April 2007, for $1.9m. The owner is now offering it up via Zillow as a FSBO for $1.999m. (Click the address for the Redfin listing, which links back to the Zillow listing.)

Two years and out is just about what transpired with the folks who bought the home in Oct. 2001. They paid $984k then, but found a buyer at $1.289m (+$305k/+31%, nice!) just 22 months later.

All told, the home has changed hands 6 times in 15 years, and would get its 7th set of residents in that time if the FSBO sale works out. (This property history comes from Redfin; click to enlarge.)

The frequent turnover at 532 1st is a bit surprising.

Though the listing doesn't offer any inside pics (yet) of the 4br/3ba, 2650 sq. ft. home, the exterior of the rancher is pleasant and well-maintained, and the listing does tout fully remodeled/updated interior spaces.

The location is OK, west of Valley near Robinson School and not far from the beach. True, 1st St. can be cramped and relatively busy, but the house is really oriented away from the street. The large 4000 sq. ft. lot allows a nice back yard – uncommon in the area.

On the same block, in mid-2008, a remodel at 437 1st (4br/3ba, 2600 sq. ft.) got $1.610m – that one had a standard-size lot (2700 sq. ft.) and no yard to speak of.

Currently, closer to the beach, 325 1st, 3br/4ba and 2100 sq. ft. with a recent, complete remodel, but just a half lot, is up on offer at $1.749m.

The folks at 325 1st are getting out after about 3 years, substantially longer than 437 1st was held by the previous owner and a year more than the sellers of the hot potato further up the block.

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