Now that the closed sale price has come in on
121 17th, it seems the home we called "Reagan's Suit" – in honor of the former president's memorably dreadful brown getups – was less valuable than many imagined.
It was clear that its start at $3.999m last October was reaching far, far too high.
The very custom, and not…
Now that the closed sale price has come in on
121 17th, it seems the home we called "Reagan's Suit" – in honor of the former president's memorably dreadful brown getups – was less valuable than many imagined.
It was clear that its start at $3.999m last October was reaching far, far too high.
The very custom, and not very big (3br/3ba, 2200 sq. ft.) mid-80s "contemporary" had to be viewed as a lot sale.
Something in the $4m-$5m range might have been possible on fantastic 17th St. for a maximal house, but not this one.
Just one point of comparison: nearby
204 19th (4br/4ba, 4250 sq. ft.), Derek Lowe's former home that's been mentioned here a few times recently, just closed for $3.9m. Now
that's a $4m house – even if it was a $5m house just a few years ago.
After a fashion (!), Reagan's suit dropped near $3m, where it stood at the time of our last dispatch in early April.
But the closed price Thursday was another 13% lower:
$2.6m.
The overall cut from start:
-$1.399m/-35%.So here's another cautionary tale for sellers who might list too high.
Maybe your listing agent nods at your suggested price, as if to say, "yeah, sure, buyers will send you to the moon, and shine your shoes when you get back."
But check yourself. You'll come back to earth, alright.
And maybe you'll get too little for having asked too much.
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 9:25pm 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.