Maybe They Lost the War

By Dave Fratello June 13th, 2008.

It seems like several characters in our local real estate drama want to get noticed this week.

In the Hill Section (kinda), a 1950s-vintage house on an odd "flag lot" at 612 11th has hit the MBC radar twice in the past year or so.

In April 2007, the owners tried – oh, they tried – to sell the home for less than $1m; actually $975k, to be specific. They failed. A bidding war broke out, and it went for $300k more.

The new owner apparently spiffed up the home a tad and rented it out, but several months later decided it was flippin' time. On Feb. 20, 612 11th hit the market at $1.599m. (See "Flag It As Overpriced.")

We wondered if maybe they were kidding. They weren't. No improvements, a 10-month hold, and suddenly a 25% ($325k) increase in value?!?

Here is what is great about 612 11th – the flag lot, which is sort of a way of saying the location. You're surrounded by other people's yards. It's quiet. It's near downtown.

But the house is a bit of a dog, and the current owner overpaid.

This is not just MBC's view, it's the owner's view, now, too. On Thursday, the price dropped to $1.199m, $76k less than last April's purchase price.

A year ago, the owner won the bidding war. Or maybe lost.

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