Trees: Two Near $2m May Be Sold

By Dave Fratello | July 24th, 2007
There is a little movement amid the otherwise complete stagnation of the Tree Section market above $2m.

The "cheapest" home over $2m, and another priced just under $2m, are now apparently near deals:
  • 746 36th (4/4, 3000 sq ft) is a newer listing that began at $1.985m, perhaps endeavoring to avoid the curse of the $2m+ segment.
Both of these homes were completed by the early 1990s, so this hardly relieves the new-construction glut. But at least it's action. (They're both on "hold" status, a step short of pending.)

MBC doesn't record the exact dates that homes go into escrow. But we can estimate pretty reliably that the last one to go in the Trees at $2m+ was 3005 Poinsettia ($2.525m) on or about June 29.

Yes, that's nearly a full month now without a sale in the $2m+ range. Inventory in the segment was at 32 on the last MB Market Update.

Of course, it's not hard to imagine 2909 Elm going for a bit under $2m, in which case the clock keeps running while we wait for a sale in this segment.

UPDATE: The risk of blogging as news breaks is that the news can change. As of 5pm Tues., 2909 Elm is now canceled, not on hold or pending. Are they giving up, re-listing, or sold? We'll write again when we get the info. The first comment (below) was sage.

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