Tried in '11, Succeeded in '13

By Dave Fratello | April 12th, 2013

You see examples all around this year of homes with a recent history of not selling, which are able to sell here in 2013.

Add 2603 Pacific to the list.

This little remodeled cottage (3br/2ba, 1450 sq. ft.) on a busy street faltered in a 5-month run on the market in 2011.

It's got its charms, to be sure. Behind that ho-hum, 50s/60s cottage exterior there is a surprising and bold remodel, featuring fully updated kitchen and baths and open ceilings.

They launched at $1.199M two solid years ago, in March 2011. The listing hung around, cut twice to as low as $1.099M, and quit in August.

It didn't help that a comparable house – less attractive or remodeled – right across the street was being offered at the time for at least $200K less. That neighbor, 2602 Pacific, ultimately sold for $860K in Sept. 2011, or $240K less than the last list price on 2603.

But fast forward just a little here, "only" two years later, and the market's different.

Someone contacted the listing agent from the 2011 listing and said, "Do you think the owners of 2603 Pacific would sell now?" And the answer was "yes."

The sold price, posted Friday morning: $1.300M.

Repeat: This home failed to sell after 5 months of exposure at a price $200K lower just 2 years ago. And here it is, snapped up off-market, at a notable markup.

Yes, this year is different.

It may also be worth recalling now the situation with a neighboring home.

The new MB city manager bought 2913 Pacific (3br/2ba, 1900 sq. ft.) for $1.080M early in 2011 and launched a remodel. (Technically it was $1.015M for the house, $65K prepaid toward the remodel.)

The city of MB is a 50% co-investor/owner of the home. Maybe we were a little skeptical of the city helping an employee buy a house (see "A Pricey Perk on Pacific"), but at this moment, with the sale at 2603 Pacific, it looks like the city's up some money.

So who says bureaucrats can't be visionaries, or figure out markets?

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