A Little Action

By Dave Fratello | October 13th, 2008
If you assume local RE sales have ground to a halt recently, you're mostly right. Two exceptions:

532 6th St. – first featured by MBC in Nov. 2007 when it briefly hit the market at $2.7m (see "6th Street Is Turning Over"), this newer modern home with 4br/4ba and 2700 sq. ft. was purchased in March 2005 for $1.818m.

Those lofty ambitions for a 49% markup were retired soon, and after 4 months on the market this year it was down to $1.949m when a deal was made. For those of you scoring at home, the last list was +$131k/+7% over the Spring 2005 price, surprisingly flat, but not negative.

2112 Ardmore (click for details via Redfin) – a small (3br/1ba, 1125 sq. ft.), slightly frumpy cottage on an isolated stretch of Ardmore, began in mid-July at $1.099m and was at $1.059m when a deal was made. You can still see the house while it's in "Backup Offer" status as it is at this writing.

This sale looks to be a net loss. The home was purchased for $1.1m in June 2007.

In addition to the two posted new escrows above, we hear (but haven't confirmed) that a west-of-Manhattan-Ave. walkstreet home at 121 25th (mentioned in last weekend's "Weekend Opens" feature) sold in the past week before even hitting the MLS, priced at $3.250m. To judge by the switfness here, the 13 other current listings west of Highland weren't up to par.

We might expect to see more delayed and failed escrows with the credit crisis as it stands.

One came at 3404 Alma (click for details), which has hit the market again after almost 2 months in escrow limbo. This one – a Mrs. MBC pick in June – took a price chop, too, by $70k down to $1.129m, upon returning.

The bigger story in recent days is a familiar one – several more withdrawals and cancellations by sellers who don't like the look of the market these days and are content to wait for a better time to sell. Who can blame them?

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