The folks offering 2804 Pacific to the public apparently would rather not bother with the routine of overpricing, waiting, reducing, reducing again and wondering why there are no offers.
Today they have thrown a monkey wrench into the whole Tree Section market between $1m-$2m, asking a paltry $1.399m for their…
The folks offering
2804 Pacific to the public apparently would rather not bother with the routine of overpricing, waiting, reducing, reducing again and wondering why there are no offers.
Today they have thrown a monkey wrench into the whole Tree Section market between $1m-$2m,
asking a paltry $1.399m for their 3br/3ba, 2050 sq. ft. home.
As the photos show, the home is pleasantly remodeled, even a bit sleek inside. There is good outdoor space (patios, not a yard, exactly, but nicely landscaped). The listing says it's in "move-in condition," and by appearances that's right. (No one has walked through yet.)
The price is $200k below all comparable homes in the Trees, and it thereby
threatens all 9 active listings currently marked at $1.5m-$2m.
Most directly, 2804 Pacific undercuts neighboring
2622 Pacific, at the corner of 27th and Pacific, which for 3 1/2 months has sought $1.699m, fully $300k more, for a home with a bit more square footage but less outdoor space and frankly much less curb appeal. (See last of 3 photos here.)
Comparable closed sales in the Trees this spring have ranged from $1.17m-$1.45m, leaving this pounding question:
Why do so many current Tree section sellers think they can get $1.6m or more when recent history suggests they should get $1.2-1.4m?The new Pacific listing moots out that debate. They're starting at $1.4m. A series of relieved buyers, who have tuned out the current crop of sellers, are going to be coming through.
Realtors like to say, when they see a nice home that's well priced, that it will go quickly with multiple offers. This one will draw that sort of comment. But the sellers just need
one offer – one
more than most of their competitors have drawn.
UPDATE: Late today, 2622 made a token reduction of $50k to $1.649m.
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 21st, 2023 at 10:45pm 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.
