October Successes

Posted by Dave Fratello on Wednesday, October 21st, 2009 at 3:10am.

Fall is a strange time to enter the market, unless you can make it work for you.

Two listings freshly back before the public have done just that.

2901 Oak (5br/5ba, 3250 sq. ft.) was mentioned here only 2 weeks ago (see "Renting Can Cost You, Part II").

The home was new in 2008 and offered then at $1.995m. A quick sale posted last Summer, but no deal closed. (We later heard it was more of a lease-option deal that the tenant/buyer recently chose not to exercise.)

Offered in October 2009 at $1.699m, it now has a deal again.

How many new homes in the Tree Section have lingered for months or years?

Two weeks to make a deal is impressive. For a home on Oak, it's startling. Price will do that for you.

Another October success story: 132 2nd.

This one's been on and off the market for more than a year. It quit in late Summer. But now it's got a deal, also after 2 weeks of fresh exposure in the Fall.

To recap the recent history again:
[F]or reminder's stake, 2nd had a deal (off-market) last year for $6.225m (see "Riches Slip Away") that fell apart; it later hit the market at $6.0m and didn't sell. This year it began at $4.5m and dropped to $3.795m, barely, almost desperately, holding above the $3.5m acquisition price from April 2005.
The listing was at $3.795m when it began this time. Yes, that's a markup – however modest – over 2005, which is not the norm around town these days, with exceptions. (See "How Resales of '03-'06 Purchases Are Faring.")

Hey, a big (4br/5ba, 4300 sq. ft.) South End walkstreet home, west of Manhattan Ave., is going to hold value pretty well compared to other parts of MB, isn't it?
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