Three Sales Over Asking

By Dave Fratello | June 7th, 2013

Please permit us a boast post.

With Thursday's closed sale at 700 27th, Dave has now sold 3 listings in the first half of 2013 over their starting prices.

The story on this one, a stunning corner-lot modern (4br/4ba, 3420 sq. ft.), began back in March, when 27th came out at $2.250M.

There were multiple offers, and some very impressive numbers, on the first round. But the first buyer and backup buyers did not perform. The listing came back to market, at a higher price ($2.450M).

Thursday the final sale posted: $2.300M, or $50K above the original start price. (Or below the increased price, however you want to view it.) Going back now to that very first market analysis we did for 700 27th, and all the factors that went into setting $2.250M as the start, the final sale price makes perfect sense.

For a time, while 700 27th was active a bit above $2.4M, there was also a more conventional Tree Section Cape Cod on the market right at $2.4M, that being 721 36th. It was competition at the price point. We see that 36th just closed for $2.250M.

Each time we got to visit 700 27th, its openness, brightness and uniqueness washed over us. We had lots of folks say they're not necessarily devotees of modern architecture, but, wow, this one really worked. Yeah, that's what we were thinking. We'll miss it.

For full-screen, high-quality photos, you can visit:

Before 27th, Dave sold 2507 N. Valley Drive, a unique but very well-done Mediterranean.

We launched that one at $1.869M and sold it very quickly, with multiple offers, for $1.885M.

Intriguingly, that property has a history that dates all the way back to MBC's first post in 2007.

Back in 2007, someone was trying to sell Valley for $2.099M. That didn't pan out.

What later happened was that the home foreclosed, got purchased by an investor meaning to flip it, was marketed (again) unsuccessfully, then sold at a loss (again) to a buyer in 2008 for $1.500M.

With that difficult history (and more) behind it, people were betting against 2507 Valley this year, but the market was different.

It helped that this year's seller had done great work to outfit the house nicely, helping to make it an instant success in 2013. Many who had seen the house in past years noted the improvement.

Maybe it wasn't so much a difficult house as those were difficult times past.

Finally, rewinding all the way to early this year, we look back to the sale of 2104 Harkness.

This is a 1990-built home with a good floorplan in Liberty Village. The sellers had done great work to update the house, and we knew at once that it would have instant market appeal.

Dave co-listed this with another agent. At a meeting with the sellers, we all conceded that there weren't good, recent comps for the neighborhood or home size. So we had a puzzle on our hands for how to price it.

We tried something unique. Without any discussion, everyone wrote a number on a slip of paper. With two agents and two homeowners, that was 4 slips.

Sure, the agents had done their homework, but we often find that homeowners have a pretty good sense of their homes' value right away. This experiment would show that.

Three slips recommended the same start price: $1.550M. One suggested $1.579M. (That was Dave's co-agent's recommendation.)

We listed at $1.549M, and sold for $1.580M. In a way, everyone was right.

Recently there have been several more Liberty Village and nearby comps in East MB. And the market has moved up, no doubt, since our February launch on Harkness.

A clear beneficiary of the market's movement since then is 1804 Faymont, an 80s house with an upside-down layout that really needs updates. They put that one out last week at the same start price, $1.549M, and made a deal right away. (We don't know what any slips of paper might have said around that kitchen table.) And the recent closed sale at 1713 Faymont at $1.800M is a stunner that was unimaginable back in February.

Regular readers of MB Confidential know that Dave has focused for a long time on buyers and the buyer perspective. He still represents more buyers than sellers. But it was an honor to help these people looking to sell in MB and to get them great numbers.

And each property was obviously different, a microcosm of how diverse MB real estate can be. That is part of what keeps this work interesting, day in and day out.

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