We try to make real estate a little bit fun here.
But the market doesn't always play along.
This Summer, we noticed three similar homes coming to market, and declared a "race" among them.
Then, in Fall, again, when two more homes that were similar to one another came out, we shot the starting gun on a second "race."
Which listing would be first to sell? How would that sale impact the others?
Months later, only 1 of the 5 homes referenced in two "races" has sold, deflating the competition a bit.
Let's check in on both "races" and see if we can set up the next act for at least one of them.
Spanish Homes on the Plateau
The first "race" we declared in July was among 3 homes on "the flats" or (as we prefer) "The Plateau," a Sand Section neighborhood north of Grand View and east of Alma (see "The Race Is On for These 3 Listings"). It's a distinctive neighborhood that we've often heard buyers refer to as "European" in look and feel. (We'll let you decide on that one.)
Among those 3 homes competing for buyers' attention:
- All were built within a 5-year period (2000-2005).
- Two are next-door neighbors on 31st St., while one is 2 blocks over on 29th.
- Prices ranged from about $4M to $4.9M.
The homes were:
468 31st (5br/5ba, 3745 sqft.), starting at $4.599M (currently listed by Lloyd Ross, Douglas Elliman)
464 31st (4br/5ba, 4026 sqft.), starting at $4.496M
444 29th (5br/5ba, 4236 sqft.), starting at $4.899M
And the winner is...
464 31st, which closed for $3.800M in October (-$696K / -15%). (Yowza, that was a big adjustment.)
Meantime, 444 29th quit the market after 130 days and no price cuts.
468 31st, having watched its next-door neighbor cut twice (and sell once), tried making 4 price cuts of its own, bringing the price down to $3.899M (-$700K).
When that didn't work, the sellers fired the local listing agent and brought in a new team of agents who appear not to have sold a house in Manhattan Beach before. (It could still work.)
They brought it out at the same price, $3.899M, this week, resetting the DOM after 175 DOM on the prior listing.
Twins in the Village
In late October, two single-family style "Estate Homes" in Manhattan Village hit the market in the same week. So we declared another race.
We noted the similarities right out of the blocks:
- Same price
- Same floorplan (and # of beds/baths)
- Similar square footage
- Both have upgraded kitchens
Six weeks later, not too much has changed.
6 Village Circle (4br/3ba, 3076 sqft.) did begin at $3.395M, but has cut to $3.250M.
(Listed by Edward Kaminsky, eXp Realty of California Inc.)
Meantime, its competitor has stood pat.
19 Chatham (4br/3ba, 2972 sqft.) remains at the original $3.395M.
(Listed by Lizabeth Walker, Strand Hill Properties.)
Now, we kinda hate to point this out, but it IS December now (what's that? you were thinking it's still September? don't you remember Halloween?), and in real estate, that can mean that listings go hibernate for a while.
But we won't write off the chance that one of these races might get more interesting.
After all, that plateau listing just came back to market. That's a sign of a motivated seller.
And if these Village listings hang around a bit, that could be a sign that they, too, are looking for any decent offer they can get.
C'mon, guys, we've got all these colored ribbons sitting around the office, we need to have someone to give them to.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
