Nice Bounceback on 33rd

By Dave Fratello | June 27th, 2014

Sometimes you find yourself asking: Where'd the money go?

The last time the corner-lot home at 742 33rd sold, back in 2011, that was a pretty ripe (and sad) question.

But let's try to capture the whole history up till today.

742 33rd (5br/6ba, 3975 sq. ft.) first traded new at $2.700 in Summer 2008.

Now, that was already a big disappointment to the spec builders, who had put it out at $3.295M in Summer 2007. The market went wobbly and they did not get their projected number – instead, at $2.700M, it came in 18% low.

But after that purchase, the (financial) world collapsed, and property values – even in MB – plummeted.

So when 742 33rd came back to market about 2 years later, chunks of equity in the home had vanished.

It eventually sold in Feb. 2011 for $2.275M, another step down of 16% from acquisition.

Yikes, that was a full $1.020M off how the spec project had, apparently, penciled out back in '05-'06.

So where did that $425K go? That was one of those questions everyone was asking about disappeared money in the recessionary years.

Today, 742 33rd is back on the market and the money's back, too.

The list price of $2.998M may well be supported in this market.

That would be up +32% since 2011. And, yes, that has been happening around here recently. Quite a bounceback.

Looks like the developers' projections were almost right. Just off by 6 or 7 years.

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