A mild shocker of a sale in Manhattan Village early this year appeared to spike a pending escrow on another home.
Both were "estate homes," the Village's version of single-family homes, and both were about the same size.
When 24 Westport (4br/4ba, 3256 sqft.) sold for $3.000M in late March, we saw fit to issue a "Same-House Sale Alert," because the same property had traded for more, $3.100M, in July 2021.
Same-house sales are a special kind of market measure to use for trend data, but they are pretty rare. That's why seeing the property sell lower than in a recent boom year seemed so notable.
Meantime, 23 Village Circle (4br/4ba, 3184 sqft.), like Westport a "Plan 5" design, was freshly in escrow, with a last list price of $3.299M.
In our post, we called that deal "one to watch."
What would the buyer think about potentially being in escrow on a very comparable property – with the same floorplan, with a similar range of upgrades – at a price up to 10% higher than on that freshly closed sale?
Just a few days later, that escrow broke up, and 23 Village Circle was back on the market.
There are coincidences in life and in real estate, but this probably wasn't one of them.
Today's news is that 23 Village Circle has finally sold, 10 weeks later...
For $3.000M, exactly the same as the early-2023 sale at 24 Westport.
There are now just 2 original-design SFRs in the Village to fetch $3.000M or more, and it's these two, both most recently selling here in 2023 for $3.000M exactly.
The irony of it all is that if the Westport sale looked like a surrender or a giveaway – and a potential indicator of a declining market – by the time 23 Village Circle sold, the market as a whole was clearly stable and rising. (Can someone check if that's literally ironic, or just figuratively so? - ed.)
The unfortunate timing of the Westport sale that appeared to break up the first deal on Village Circle may have cost a couple hundred thousand or more. But it's not a horror show for the sellers – they paid $2.535M for Village Circle and enjoyed 5 years there.
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 April 30th, 2024 at 6:15pm 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.
