A couple of months ago, we featured a two new homes that had slipped from one symbolic price tier down a rung, from $3m+ to under $3m, and from $2m+ to under $2m. (See "Blowing Their Price Points.")
742 33rd had opened at $3.295m, but slipped below $3m to $2.995m, where it remains today.
1901 Poinsettia had started…
A couple of months ago, we featured a two new homes that had slipped from one symbolic price tier down a rung, from $3m+ to under $3m, and from $2m+ to under $2m. (See "
Blowing Their Price Points.")
742 33rd had opened at $3.295m, but slipped below $3m to $2.995m, where it remains today.
1901 Poinsettia had started at $2.499m, but was then newly priced at $1.999m. MBC speculated that it would become the first new home in the Tree Section to sell for less than $2m in quite a while. (Poinsettia is pending, but
3104 Pacific has closed for
$1.950m, giving that one the dubious distinction of being first to come in under $2m.)
There are some new examples. Recently,
2100 Flournoy dipped from its pre-completion price of $3.200m to a rumored sale price of $2.750m.
But no active listing has tumbled quite like
570 27th. This new home (which
Blake Roberts calls "The Farmhouse" – and he loves it) hit the market March 14, 2007, at
$3.899m.
Wishful thinking. When it was down to $3.299m, MBC took note (see "
The High End Gets Lower.")
And now The Farmhouse, formerly a ceiling-pusher looking for almost $4m, is finally
priced below $3m (actually one dollar below $3m). Time will do that to you – the listing is one year old next Friday.
Is it a "deal" now, as Blake proclaims? Hard to say. We know from previous stories that people have mixed reactions to the home. Even booster Blake calls it a "square-peg house in a round-hole neighborhood." That's to say: it's different, and off-putting to some.
The home is one of 6 in the Trees with 4000+ square feet; the new price brings it to
$731/PSF, somewhat more in line with recent sales.
Blake intimates that the home could be unprofitable to the developer at a price in this range, but that's an open question. The lot went for $1.3m, so there would seem to be some room for profit – just $900k less than that initial dream price. So much for that reach for $4m.
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 18th, 2024 at 8:55pm 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.