Now That's a Markdown

Sometimes a seller really means to sell.

They do what they can.

Get the property into tip-top shape, get nice photos and put it out there.

If there's not immediate action – say, maybe 10 days into the listing? – cut the price substantially.

If even that doesn't work, fire the first listing agent and cut again!

And yet...

Sometimes it just doesn't work. And perhaps the seller has plans for the exit. 

Time for a big chop.

We're looking at 845 11th St. (5br/5ba, 4315 sqft.) in the Hill Section, a vintage style mid-80s house with updates, where they've just made another big price cut. 

They're now down $2.000M from the first listing almost 90 days ago, asking $6.499M. (845 11th is listed by Audrey Judson, Pacifica Properties Group, Inc.)

The latest cut is almost $800K from where it stood this past weekend, at $7.295M. 

If the history is instructive, it's also unfortunate.

The property last sold in February 2024, after listing continuously from March 2022 till August 2023, when they inked a deal that took 6 months to close. (Talk about a seller who had to wait around for something to happen.)

The Feb. 2024 sale was at $5.500M, or $1.500M below the initial price of $7.000M. 

We reported here, in early 2024, "we hear that it will come down after the new owners get some use out of the current structure and work up their plans to build new."

Plans change.

The buyers remodeled the house to current styles, albeit without much changing the building, making it as nice as it could be as it stands. 

That's what's been on offer this year: A recognizably mid-80s home on the outside, chock full of mid-2020s styles on the inside, nothing much left to do.  

Guys, it's the Hill Section!

It's 4000+ sqft. on a double lot!

With a pool!

And now for less than $6.500M!

The seller is now effectively saying to buyers:

This may not be exactly the house you're looking for, but if it's clean, sharp, new, ready to move in, located in the Hill Section, walkable to town, and at this price... maybe?

The full price history from this year:

FIRST LISTING

July 1-10, 2026: $8.499M 

July 10-Aug. 26, 2026: $7.999M

SECOND LISTING

Aug. 27-Sept. 29, 2026: $7.295M

Sept. 29-??: $6.499M 

We're bullish on this one now.

If we're not wrong, it seems like the latest cut brings it into that magical territory where all sorts of people start to take a second or third look (or a first look!) and see what they can pull off. That's how action starts.

If you look in the neighborhood, a similar proposition at 819 11th (6br/7ba, 4997 sqft., 8700 sqft. lot) – a mid-90s instead of mid-80s original – sold in Dec. 2024 for $5.950M and listed for sale this year at $7.190M, before dropping out to become a lease listing (the link above goes to the $23K/mo. listing). (The owners might have remained open to a sale as well, we'll see how that evolves.)

Meantime, watch 845 11th, and take a look if it might be a fit.

You might not be alone.