Shoot the Moon, Come to Earth

By Dave Fratello | August 21st, 2014

Call it 6 months ago.

Someone holding a newer ocean-view townhome in MB thought something like this: "Market's hot. Wonder how much I could get for this house?"

And so, the 2009-built El Porto townhome at 312 44th (4br/3ba, 2675 sq. ft.) was listed, as a FSBO, at $2.700M.

That would have been an absolutely extraordinary price, if they could even come close.

We noted in "Double Your Money?" that the same TH had sold new for $1.269M in Jan. 2011. (That post includes more of a deep dive into the original, ambitious, late-bubble project in which this TH was built.)

In February this year, they were looking to more than double their purchase price in 3 years.

Alas, they did not.

The FSBO string played out. Various agents made their pitches to the would-be seller, one being more persuasive than the rest. The townhome hit the MLS with an agent at $2.375M, still quite high for the area and for what it was, but more "realistic" – in a relative way.

Three more months passed. Finally, they found the market.

The closed price now: $2.100M.

That means the initial FSBO listing overshot the market by 22%.

That is, 22% at the very beginning of a year that has actually only seen rising prices throughout.

Now that it's done, you can see 312 44th comparing quite favorably against other El Porto townhomes.

Just last week we rounded up some of the top sales in this area north of Rosecrans. (See "Big New Numbers in El Porto.")

At the time (last week), a nearby neighbor at 316 45th (3br/4ba, 2140 sq. ft.), which sold in November last year for $1.995M, ranked as the historic top townhome sale in El Porto. (Well, the top TH sale that was not 113 El Porto.)

Guess what, former FSBO? At $2.100M, you're now the champ.

Maybe 312 44th overshot by $600K, but they still got the gold.

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