Re-Poll Results: 1413 Pine

By Dave Fratello | January 18th, 2010

Just last week we asked MBC readers to chime in on the new list price for 1413 Pine, returning to market 2 years later and $400k lighter than its last attempt to sell.

While readers were voting, someone else stepped up to the plate: a buyer.

1413 Pine is now under contract, accepting backup offers.

So we might assume – assuming the deal proceeds to fruition – that votes closer to the list price will be more likely to be correct. (See the poll setup story here.)

Before we report on the final poll results, we'll say again that 1413 Pine was nearly alone in its price range, a nice benefit of starting when it did this year.  See the new MB Market Update online spreadsheets (for 1/15/10) for more on inventory in all parts of MB. (Writeup on the update to come shortly.)

In our results chart here, you'll see that 11% of poll voters believed that the actual list price, $1.389m – give or take 5% – was dead-on. In the history of MBC pricing polls, this selection has rarely, if ever, succeeded, but we might be in store for a first this time.

The next category down covers just another 5%, spanning $1.250m-$1.325m. Nearly a third of voters – 32% – went with this choice. So we can say that 43% of poll voters believed that Pine would sell within 10% of its list price.

Also worth noting, all of the comparable properties mentioned in the poll setup story ranged from $1.245m-$1.380m. Another reasonable point of comparison as a comp would be 2812 Elm, a short sale that's actually still pending, though MBC posted a story late last year when the home temporarily popped up as a closed sale at $1.325m. That may have been a hiccup in the MLS, but we continue to hear that will be the closed price.

The plurality of voters, 34%, went one notch further down, selecting the range of $1.150m–$1.250m. Even the bottom of that range is still 83% of the list price, so this wasn't a terribly bearish opinion. The balance of voters, 21%, chose a price below $1.150m or said Pine once again would not sell (1%).

One final note – in our poll setup story we linked to a market analysis by Ideal Home Brokers, which projected the final price for Pine as $1.315m, or 95% of list. That analysis (click to download PDF) goes far beyond making a prediction, but we appreciate IHB putting themselves out there with a specific number.

We'll return to Pine when the sale closes.

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