Newest Below '06 Prices

By Dave Fratello | April 24th, 2009
Further evidence is now in – just in case it was needed – to show that 2006-08 prices are but a memory, and MB is probably somewhere around 2005 or 2004 prices now, depending.

New on market, and priced below acquisition to begin, is 501 4th (5br/5b, 4100 sq. ft.) down in the quiet South End, a corner lot nestled against sleepy Ingleside.

The home is newer (2005 build) with big bedrooms, nice outdoor spaces and a bright kitchen. That increasingly common must-have feature, an elevator, is part of the deal, too.

Purchase price in June 2006: $2.750m, before the owners did some additional customization. Start price now: $2.599m, and a pretty amazing $640/PSF.

881 10th (5br/6ba, 4000 sq. ft.) is a big custom home labeled "French" in style, due in part to the distinctive turret entry. Great kitchen and study.

The corner location on Poinsettia – non-ocean-view side of the Hill – and lack of a real yard are proving to be part of the challenge for this property. One open-house visitor reported back that the home seemed cramped simply from being over-furnished.

Sellers paid $2.8m new in April 2006 and started at $2.889m early last month. Now at $2.699m.

Meanwhile, over in the Trees, 636 29th (4br/4ba, 3250 sq. ft.) has been priced below its Sept. 2005 acquisition price ($1.890m) since it launched in February. (It was mentioned in "Not Worth Their '05 Prices?") With a new cut, it's now down to $1.699m.

Those are just 3 listings down $100k-$200k from their late-2005/early-2006 prices. Now where will they settle?

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