For months, the market rejected 225 Homer.
It's a decent-sized 3br/3ba, 2300 sq. ft. home with substantial ocean views. Contemporary, clean, and nice, nestled in a very quiet part of the South End, it was Mrs. MBC's pick in early April.
225 Homer began March 21 at $2.3m.
That didn't seem crazy because a nearby…
For months, the market rejected
225 Homer.
It's a decent-sized 3br/3ba, 2300 sq. ft. home with substantial ocean views. Contemporary, clean, and nice, nestled in a very quiet part of the South End, it was
Mrs. MBC's pick in early April.
225 Homer began March 21 at
$2.3m.
That didn't seem crazy because a nearby neighbor,
207 Homer, was up for
$1.779m at the time, and that one was older, smaller (1800 sq. ft.), crustier and at greater risk of losing those ocean views if a neighbor someday builds up. The combination of factors suggested a premium of $500k.
207 Homer sold pretty quickly for
$1.715m, an impressive
$953/PSF. (It closed May 2.)
But 225 Homer lingered. This week, after several previous cuts
(see listing price history via Redfin), 225 Homer dropped to
$1.850m (-$450k/-20%), which is a fairly low
$808/PSF for a nicer, newer home.
But the world hasn't gone crazy.
Finally, that price seemed a bargain, and 225 Homer is now in escrow. (We don't have the sale price yet.)
225 Homer has some flaws – a too-small master, awkward spaces upstairs. Still, if you had proposed, at any time recently, that it was worth
only about $100k more than smaller, crustier, much more flawed 207 Homer, you would have earned the laughter directed your way. The sellers have rejected offers with a 1.7 at the start.
Now, don't cry for the sellers. They've moved uptown to a huge, brand-new home even closer to the water. So they'll do fine.
But the dropoff at 225 Homer offers a hint that the market has slipped in just the last few months. You can't generalize from one house, but you can call it a tea leaf.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 7:25pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.