A very quick flip now suggests that a recent deal was a real steal.
Yes, we're already back to talking about 3201 Alma, a 2/3rds-sized corner lot on a walkstreet in the North End.
It was only about 6 weeks ago that this lot-value property closed for $2.225M, a far cry from the $3.900M start price. (See "…
A very quick flip now suggests that a recent deal was a real steal.
Yes, we're already back to talking about 3201 Alma, a 2/3rds-sized corner lot on a walkstreet in the North End.
It was only about 6 weeks ago that this lot-value property closed for $2.225M, a far cry from the $3.900M start price. (See "Sometimes You're Off by 43%.")
But that is not the end of the story.
Now it's been resold for $2.300M in a quick off-market trade, one involving neither of the original agents.
This adds slightly to the mystery of what the property was worth. (Aren't real estate values always something of a mystery?)
A wounded-duck listing like the first one on this property will tend to sell too low.
Start too high, sell too low.
Now it's clear there was one other buyer out there willing to go higher, by $75K to be exact.
Oops.
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P.S. We want to acknowledge an alert reader's mathematical comment on our prior post.
We noted that 3201 Alma sold for 43% less than its list price. However, we also stated in the post: "They overpriced by 43%."
The reader notes that while the home did indeed sell for 43% less than the start, it was actually "overpriced" by 75%. That's because the $1.675M discount should be divided by the actual final price ($2.225M) to solve for the degree of overpricing, or 75% in this case.
So, 75% overpriced, plus $75K undersold in the end, it would appear.
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 March 26th, 2023 at 5:00am 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.
