The first of the Twins in the Trees to make a deal, 3307 Poinsettia
has now closed at $2.1m
It took 8 months on market and a price concession of $699k (-25%).
It was apparent when both 3307 and 3309 Poinsettia (click for more pics & details)
hit the market in early 2008 that the $2.795m
start prices were overly ambitious. (These are 2 new homes developed on the same (split)
lot by the same developer with the same layout, but different styles – hence their twinness.)
MBC called a poll 9 months ago (see "Pricing Poll: Twins in the Trees
") and found that 70%
of readers generally believed the properties were overpriced, but would probably sell for $2.2m
or more. (See "Poll Results: Twins in the Trees
.") Such optimism was obviously not well-founded. The 27%
who said "Below $2.2m" were the most prescient.
The sale here will have some spillover effect, of course, on the price for leftover 3309 – now at $2.195m
The $2.1m closed price is also consistent with a downward trend among much – but not all!
– new construction in the Trees this year. More on that shortly.