We're trying to tie up a few loose ends on the end-of-April market update spreadsheets, but meantime here are some noteworthy recent closed sales:
- 224 7th (5br/5ba, 4200 sq. ft.) is a new Cape Cod down in the South End, originally priced at $5.695m. After almost 5 months, in swept a buyer for a quick sale at…
We're trying to tie up a few loose ends on the end-of-April market update spreadsheets, but meantime here are some noteworthy recent closed sales:
- 224 7th (5br/5ba, 4200 sq. ft.) is a new Cape Cod down in the South End, originally priced at $5.695m. After almost 5 months, in swept a buyer for a quick sale at $4.9m.
That's serious money for a beautiful new house near downtown, but it will send a little shudder through similarly priced listings that aren't new.
This sale calls to mind 200 19th, also a new Cape Cod that hit the market in early 2008 and sold in March of that year for $5.6m. (See "High/Low Prices for 2008.")
The 7th St. listing was obviously priced with 19th as a reference point, but came down 12% from that year-ago price.
- 1608 Poinsettia (5br/4ba, 3625 sq. ft.) is a 1990 build on a corner lot near Pacific School. MBC mentioned it in "Three to See in the Trees" back in January as both the biggest and (relatively) newest of a selection of homes within a small radius that were intriguing.
This one was an as-is short sale, originally asking $1.799m starting last August, making one deal near $1.6m that failed and closing late in April for $1.530m.
Can you beat $422/PSF for a very decent Tree Section home?
- Someone did – by a nit – at 2909 Elm. They grabbed this comparably sized 1991 build for $420/PSF, a total of $1.450m for 5br/4ba, 3450 sq. ft.
Here at MBC, we're obligated to close a loop we began in February with "2 Years and $1.3m Later..." by pointing out that this closed sale price is down nearly 50% from the $2.8m start price from Dec. 2006.
Yes, there was a fairly obvious problem with that start way-back-when...
- Mild by comparison is the closed price at 1829 Poinsettia, when compared against its start.
Now (sold): $1.189m.
Then (start, May 2007): $1.785m.
Drop: -$596k (-33%).
This listing was apparently shooting for records. The little Craftsman-inspired remodel (3br/2ba, 1450 sq. ft.) was constantly available from May 2007 till March of this year, about 650 DOM.
Lesson I: One way to maximize your DOM is to shockingly overprice your property.
Lesson II: It's also a great way to chase the market down and get less. (Rumors of offers in the $1.5m being rejected early on.)
Incredibly, 1829 Poinsettia was the subject of MBC's very first pricing poll – in January 2008. Even then, the listing was 7 months old.
As our results story shows, the home's price at the time at $1.575m was viewed with contempt by most voters. The most bearish 33% called for a closed price of less than $1.250m.
Uh-oh, they were right.
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.