A Rush of Closings

Posted by Dave Fratello on Tuesday, July 6th, 2010 at 5:00pm.

The past few days have seen a minor flurry of closed sales, a few of the listings having long back stories here at MBC:
  • 511 Pacific (5br/9ba, 8000 sq. ft.) is a spectacular, unique and somewhat mazelike modern home. It offers a surprising, 180-degree panorama from a fairly low point on the hill, just above Ardmore.
In a more indepth story in late January (see "Pacific Connection"), we had more to say about the house and history.

The short: This one began at $8.150m when newly completed in late 2008, was at $5.995m by March 2009 and has now closed for $5.250m.
  • 505 3rd (4br/3ba, 2550 sq. ft.) is a tired, dated home on a typical local lot of 2700 sq. ft.  It's finally sold now for $1.352m after first hitting the market in May 2007.
Investors had grabbed the property in Sept. 2005 for $1.6m and tried to resell it for prices as high as $1.949m from 2007 forward. MBC wondered aloud what it "should" sell for in Aug. 2007 in "What's Right for 505 3rd?" – that was back in the days before MBC pricing polls.

3rd was listed as a short sale this year. (As the Redfin display page still shows.) Final sale price was -248k/-15% off the Sept. 2005 trade.
The suggestion was that the unique, luxe Spanish at 3011 Elm (5br/5ba, 3600 sq. ft.) could be around a while to tour, ponder and, perhaps someday, purchase. But it did not linger – it sold almost immediately, after listing at $2.495m. It has now closed for $2.475m.

The backstory was that the home was listed new in 2005 at $2.595m, got bid up before selling to a certain local/international USA soccer star for $2.8m, but the home had traded again in Dec. 2007 for less: $2.650m. In 2007, it was one of the first truly great properties we saw sell for less than acquisition, suggesting that a trend was taking hold. (It was.)

The new sale is another step down: -175k/-7% from Dec. 2007, and still 5% below the 2005 start price.
For more on some recent closings, see Redfin's MB page and click the tab at the top for "Recently Sold." 
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