Poll Results on 815 2nd

By Dave Fratello | April 28th, 2008
We've got word back now from the readership, and it's good news/bad news for the builder/sellers of 815 2nd, a new Cape Cod in the Hill Section.

The good news: A third of voters in the poll (34%) think it's now priced within 10% of its likely final sale price or, in other words, its market value. Given that our polls run to the bearish side, that's still a good vote of confidence.

More good news: A solid majority (61%) think it's now priced within 15% of its market value.

Bad news: Very few (12%) think $4.5m or so is the right price.

The largest response, a healthy 37% plurality, thinks this one goes between $3.75m-$4.0m, which would mean the start price of $4.795m was high by nearly $1m.

Still, if a sale closes in that range, you have to imagine that the builder still clears a tidy profit. The lot was purchased for $1.8m near the peak in Sept. 2006 – a warning sign. But if the costs of construction came out below $2m ($439/PSF), this one's likely to be in the black, and that's more than we can say for the newbies lingering and selling in the Tree Section these days.

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