Little Prices in East MB

By Dave Fratello | December 15th, 2011
If you're offering just 800 sq. ft. and a 3800 sq. ft. lot, it had better be cheap.

And at 1801 5th St. in East MB, it was.

In what's looking like the low sale for the year among SFRs in all of MB, 1801 5th recently closed for $570k.

5th St. with a 5 in front...

This was an REO that you may recognize from its 6 months as a (failed) short sale in late 2010-early 2011, asking as much as $699k. We also mentioned it in July in "The Distress List."

Acquisition price in Spring 2007 (of course!): $870k. (If only someone had rung a bell back then.)

Yep, that's a 34% drop for a too-small house on a too-small lot that is too far east. Quite a reality check.

It just so happens that another not-so-pricey sale just closed across the street.

That would be 1761 5th (3br/2ba, 1100 sq. ft., 4950 sq. ft. lot), cheerily touted as a starter in the description.

(In our graphic here, 1801 is highlighted, and 1761 is just across Harkness to your left [west].)

No bubble economics here – the property had been owned since 1993 before being turned over this year to a newcomer. Sale price: $805k.

That's not an utter low, it's just in the lower tier for the year.

We'll look at the highs and lows in MB more systematically as the year wraps up. Meantime, here are 2 neighbors that have helped start the discussion.

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