We've referred a few times to the great Spring Rally of 2007. For those just tuning in, that period of fairly brisk sales and rising median prices was probably the last gasp of the local RE bubble.
A strange and slowing Fall 2006 had suggested that the peak had come and gone, but Spring 2007 defied the bears.
In the…
We've referred a few times to the great Spring Rally of 2007. For those just tuning in, that period of fairly brisk sales and rising median prices was probably the last gasp of the local RE bubble.
A strange and slowing Fall 2006 had suggested that the peak had come and gone, but Spring 2007 defied the bears.
In the rush back then, MBC observed a bidding war that broke out for an odd "flag lot" in the Hill Section. In April 2007, someone tried to sell
612 11th (4br/2ba, 1500 sq. ft.) for
$975k. They failed. The flag went to someone ponying up
$300k more –
$1.275m.
Soon, plans changed for the new owners, and the home was right back on the market in Feb. 2008. (We have heard, but not confirmed, that the front half of the lot could not be purchased and that redevelopment in back was tougher than expected.)
Perhaps believing that everyone should pay $300k more than this home's value, the sellers began at an even bigger markup,
+$324k/+25%, at
$1.599m. That looked unlikely, as MBC noted in "
Flag It As Overpriced."
The sellers spent months thereafter testing the waters and making grudging adjustments. When they finally cut below the acquisition price for the first time, MBC concluded that "
Maybe They Lost the War." (Referring to the bidding war they had "won" previously.)
Even more months later, the sellers did nab a buyer. The final sale price just posted:
$1,023,750, a smidge above the previous seller's opening price in 2007.
The price here
dropped $251k (-20%) from that bid-up Spring 2007 sale price, and
$575k (-36%) from that what-were-they-thinking start price from Feb. 2008.
In the end, 612 11th was a casualty of the last big heady days of the local market. On the bright side, someone new got a decent-sized home in a nice location near downtown for about a million – not so bad, and kind of new for MB.
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 8:20pm 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.