Tough 20th St. Listings Sell

By Dave Fratello | June 10th, 2013

We see two more examples of how this year is being kind to listings with a difficult history.

128 20th (5br/5ba, 4600 sq. ft.) is the latest to make a deal – posting an escrow on Monday afternoon.

On the one hand, here, you've got a lower 100-block location on one of the treasured Teen Streets.

On the other, you've got this, achem, very custom structure. In the past we've called it "a giant home with good views but way, way too much of its own style."

The current listing calls it a "[c]ustom artfully designed contemporary" and "sophisticated."

You say tomato...

This one ran a long time in 2010-2011, racking up an incredible 560 DOM in a failed listing.

The price at launch was $4.450M, and the last time we saw it make a chop was in Sept. 2011, with a dip to $3.685M.

Today's buyers are going to wish they were around in 2011, because the posted list price this year was $4.850M. That's quite nearly $1.2M higher that we saw this one in those depressed days of 2011. (Depressed? They didn't seem so bad at the time.)

So even if we assume these buyers gave the listing a haircut, here's doubting they took $1.2M off the top and edges. Oh, to have had a crystal ball in 2011.

Whatever you pay here, it's just the start. The home yearns to be simplified and modernized, brightened up, maybe even Hampton-ized if someone brilliant could pull that off.

We'll watch next steps here closely.

It's all the more amazing to see this "[c]ustom artfully designed contemporary" sell fairly quickly – just 25 DOM, at the high end, is a flash in the pan – when we just saw a far more conventional Mediterranean on a Teen Street come out last week. After several weeks of teasing off-market, they brought out 215 19th (4br/5ba, 4250 sq. ft., 2002 build) at $4.999M on Thursday. That could be something nice to do with your $5M-ish budget for a Teen Street house.

Meantime, early this year, sellers sealed up a deal at 112 20th (4br/5ba, 4000 sq. ft.).

This one also had a long market exposure in recent years.

It launched in January 2011, and did not actually sell till Jan. 2013, a full 2 years later. (There were some breaks; the property wasn't publicly listed that whole time.)

112 20th came out of the gates at $4.995M in Jan. 2011 and didn't cut much, just $100K, before quitting in September that year.

It came back in Spring 2012 at the curious new price of $4.749M, and never changed. It ran the balance of the year, making a deal after Christmas.

Whoever took a fancy to the house also kind of ignored the list price. They chopped $550K off (-12%) and got it for $4.200M.

As you have to say with 128 20th, that acquisition price is only the beginning at 112 20th.

There's a big remodel under way there. Not that the house was appalling before, but it had several dated features and could really shine with the application of some elbow grease... and dead presidents.

Off the cuff, we're not aware of other challenged listings on the Teen Streets that might be lingering around the corner, waiting to pounce in this new market. Heck, they have even put 232 16th St. into escrow this year – that was a listing with its own long stretches of history on the market, most of it before they lost the views thanks to new construction to the west. But this is that kind of year, isn't it?

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