Six weeks ago, MBC took note of two Hill Section listings that were similarly priced, but whose sellers had vastly different ideas about how much their homes had appreciated since they were purchased. (See "Two Views from the Hills.")
One purchase was about 3 years ago, and the other 2 and a half years back. Both…
Six weeks ago, MBC took note of two Hill Section listings that were similarly priced, but whose sellers had vastly different ideas about how much their homes had appreciated since they were purchased. (See "Two Views from the Hills
One purchase was about 3 years ago, and the other 2 and a half years back. Both were newer homes, but one was alleged to have grown 25%
in value, while the other supposedly shot up 64%
The more bullish sellers happen also to be local realtors, folks you expect to be tuned in to the market.
We're ready to close the first chapter of this story. A closed sale price has come through on 637 6th
(pictured above). They got $3.625m
. That's a tidy $500k profit, tax-free (before costs of sale). Somewhat remarkably, the sellers took $274,000 off
their list price to make a deal, with just 47 DOM. They were ready to sell.
With that closed price, the market is telling us that 637 6th appreciated by 16%
over 33 months; an annualized rate
of about 6%
. Nothing garish there.
Next stop: 869 3rd
(click for property details, or here for an update
from last week).
The owners paid $2.44m, and now want $3.99m.
Put it another way – the comparable listing just sold quickly and handed $500k to the sellers. These folks want three times the profit, $1.55m. (Maybe they snapped it up below market value in 2004.)
We know they know the market. How patient can they be, and what magic can they pull, to get what they want?
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 30th, 2023 at 11:02am 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.