Trying Again, with New Prices

By Dave Fratello | April 27th, 2021

Not so long ago here, we were lauding the perseverance of certain listings that were finally selling.

They just kept putting themselves out there, and finally found a buyer. (See "Try, Try Again - It Might Sell."

Notably, not many of those listings with unsuccessful histories had made huge price cuts. Their turns simply came.

Now we're seeing the re-emergence and/or re-pricing of some listings that hadn't been successful, where it was more obvious that there was a pricing problem dragging things out.

712 Highland Avenue Manhattan Beach CAWe're first looking at 712 Highland (3br/4ba, 1967 sqft.). This is a 1980s TH in a prime close-to-town location with some views.

It has now come to market for the 4th time since November 2019, with a new agent each time, and with each of the prior listings shedding a bit in price.

Nov. '19: $3.799M

June '20: $3.795M down to $3.595M

Oct. '20: $3.548M down to $3.399M

Now: $3.295M

True story... before that late-2019 public listing, we visited the property as a pocket listing. They had one of these informal promotions where agents project the sale price (thereby advising on the list price) and whoever was closest was going to win some kind of prize.

Our confidential price opinion was, er, not welcome. The listing agent opened up the little slip of paper and said, nicely enough, something to the effect of, "You know that's way too low. We're starting at 3.8. You know, for this location!"

Let's just say that initial opinion was closer to the current list price. And no one won any prizes related to the price on that first listing.

The home has a very particular style with its current remodel, nearly guaranteeing that the next buyer will be looking to make some upgrades. We've toured it with buyers who had that sort of work in mind, too. There are numbers that can make it work.

Do enjoy the listing description.

It's the first time we've seen the home promoted openly as the home of a former Lakers sharpshooter from the '09-'10 championship team. They had some fun writing it up.

457 30th Street Manhattan Beach CAAlso back is 457 30th (5br/4ba, 3560 sqft.)

This is a custom, warm modern with nice materials and an attractive, enclosed patio. North End/plateau prices are impressing these days, so what can they do here?

Now, while 712 Highland was off for 3 weeks for a change of agents (and new description language), 457 30th took just two days off for a quick re-price and re-list with the same agent.

This is the third listing going back a year:

June '20: $4.950M down to $4.500M and then *up* again to $4.877M

Mar. '21: $4.390M *up* to $4.670M (after 8 days)

Apr. '21: $4.250M

So this is substantially the lowest price so far, but it's noted that this listing has a tendency to rise in price, so don't wait around.

We can recall way-back-when as the listing first emerged, and we placed a small factual note in the Ticker entry about the property: "high for area <4000 sqft. is $4.400M." (The start price was $550K higher.)

For that comment we got flamed, accused being "very unkind" and "singling out" the listing for "ridicule." There was no such intent, just facts, but we went ahead and edited out that note from the Ticker. (In 5+ years and thousands upon thousands of Ticker entries, it's the only one we can recall editing because of feelings. And we're still questioning whether making that edit was right. Discuss.)

At their newly competitive price, it does seem like 30th is going to enter the conversation for new sets of buyers.

421 1st Street Manhattan Beach CAFinally, there was just a big cut at 421 1st (4br/5ba, 4100 sqft.), a custom '05 modern with some NYC design influence.

The home first emerged in Summer 2020 asking $4.800M, but pulled a quick re-list after 5 weeks, with a price cut to $4.500M.

There it sat for almost 6 months.

But in that span, a neighbor right across the street sold quickly.

400 1st (5br/6ba, 5140 sqft.), notably larger, sold quickly for asking price: $4.399M.

That sale made it somewhat unlikely that 421 1st was going to get more.

Four days later, they cut 421 1st by $500K to $3.999M. Will that make the difference?

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