Return of the 1801s

By Dave Fratello | October 18th, 2011
It's a strange, minor coincidence in local RE.

In the past few days, 2 properties that were in escrow came back to market as their deals flopped.

Both had the number 1801 in their addresses.

1801 5th is a teeny 2br on a 3825 sq. ft. lot in East MB an REO that's quite nearly the cheapest listing in MB. 

About 10 days ago, they posted a deal with a list price of $597k. But now it's back and reduced to $572,500

1801 Palm (4br/4ba, 3900 sq. ft.) is the other comebacker.

We've repeatedly called this one an attractive, newer (2000), corner-lot home in a great location, but the listing has seemed starcrossed.

A deal posted in late September with the price at $2.129m, more than 8% below its 2004 purchase price ($2.325m).

But that one didn't stick and Palm came back on Thursday.

Redfin counts 214 days on market, or 7+ months. Yikes.

Each of these comebackers conjures some quick news from nearby...

The actual, cheapest offering in MB, 1311 MBB #5 (2br/2ba, 850 sq. ft.), now has a deal. Its last offering price: $393,536. We noted recently that it was purchased for $545k in June 2006. (See "Under $400k in MB?")

Meanwhile, up the street a ways from 1801 Palm is 2800 Palm (6br/6ba, 4225 sq. ft.), an early-90s home that needs a great deal of help.

It's just starting to get some help in the pricing department – though, how shall we say... there's still plenty more help it can get.

The listing launched in August at $2.420m and has now dropped gingerly to $2.299m.

This is at 76 days into the listing, as 2800 shapes up to challenge the far superior home at 1801 Palm for some kind of neighborhood DOM record. If they don't take a holiday break, it's easy to see this one hanging around at the Ides of March.

1801 will be gone by then, right? One of the 1801s anyway...

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