So Much for That Tactic

By Dave Fratello | September 9th, 2010
Back in April, we took note of 2 listings in the Hill Section that we'd seen before.

One of them was a speckie at 906 9th (6br/6ba, 5400 sq. ft.). It's new construction – "new" if you don't mind a 2009 completion date, just no occupants quite yet. (See "Two Hill Returnees.")

The first listing for the home kicked off in February 2009 at $4.8m. It ran nearly a year till January 2010, chopping gradually to $4.2m before it quit.

What caught our notice in April was that the price went up substantially in Spring 2010. How was that tactic going to play out?

Even before the home returned to the MLS in late April, it was offered – under a new agent – for much of early 2010 at $4.695m, the price it re-debuted at this Spring.

So, yes, whatever the official re-start date, it was up $500k from its last, failed list price.

You remember the rally this year – Q4 '09 and Q1 '10, at least, made up a pretty bullish period in MB. Heady times. (Q2 wasn't bad either. See, for instance, "Giving '07 a Run So Far" for MB sales stats for the first half.) Maybe it would also be the time to rescue the spec project from the doldrums with a change in horses, a "better" price and renewed, er, patience.

Or maybe that wasn't the way to get it sold.

As Summer ended, there was no deal at 9th, and the price came back down. The last cut brought the home to $4.250m before Labor Day, just $50k higher than it was at in January before that big bump up.

As we look back, then, this means at least 4 months, and really more like 6, were spent in a weird listing limbo in which 906 9th was re-overpriced, again failed to sell, and wound up where it started – or finished – earlier this year. So much for that.

On a completely different note, we looked up the fate of the other home in that April update on 2 returnees in the Hills. Turns out,  801 11th (3br/3ba, 3050 sq. ft.) – a newer home on Pacific quite near MBB – did go to a foreclosure auction in July, as threatened.

The publicly reported price on that sale is $1.320m, quite a step below the $1.6m short-sale offering price from April, and giant steps down from its 2006 offering price of $2.495m.

We'll look into the more recent sale on 11th more closely and report back. 

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