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.