Some newly closed sales will raise some eyebrows. In each case, fairly quick purchases came with discounts near 15%.
It didn't take long, apparently, for the sellers of
605 8th to recognize that they wouldn't be getting what they paid for their Hill Section home new in 2006.
Though they listed in April this year at…
Some newly closed sales will raise some eyebrows. In each case, fairly quick purchases came with discounts near 15%.
It didn't take long, apparently, for the sellers of
605 8th to recognize that they wouldn't be getting what they paid for their Hill Section home new in 2006.
Though they listed in April this year at exactly their June 2006 acquisition price of $5.495m,
the closed sale has just posted at
$4.7m.
That's a somewhat breathtaking
$795k/-14% off the purchase price. The listing ran just 50 DOM before that haircut.
It's not because the home lacks for much that its value dropped over these 4 years or so – that's just due to the change in the market since the peak-year purchase. The big house (5br/7ba, 6625 sq. ft.) is a marvelous Cape Cod, quietly luxurious, that has almost too much going for it: an extra-large lot (9300+ sq. ft.) with a pool, real ocean/PV views from several decks and a location just steps from downtown. And now it's got new owners to enjoy it all.
Meanwhile, up at
641 18th, at the crest of the hill on one of the great streets in the Martyrs area, sellers proved that they weren't too attached to their much-too-ambitious start price of $3.295m.
In writing up the quick escrow at 18th, we said "[y]ou could have counted MBC as skeptical" of that start price. (See "
Near and Over $3m in the Trees.")
The buyers, too.
They paid
$2.865m instead, a chop of
$430k/-13% from the list price.
And this was in a multiple-offer situation on a home with just 2 weeks' market exposure.
As it happens, the winning bidders didn't offer the most money, but they did go all-cash and closed quickly – the most attractive terms, if not top dollar.
Yes, cash does give you leverage. You can ignore the start price, win a bidding war and pay less.
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 30th, 2023 at 11:02am 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.
