Two Re-Do's, Two Overbids

By Dave Fratello | March 19th, 2013

It's a theme we keep checking in on, because the results are so interesting: What couldn't sell before, does sell now.

And in two very recent cases, listings that ran quite a while in 2012 sold quickly in 2013 with $200K overbids.

In fact, the stories of these two recent sales have almost everything in common.

1125 3rd (4br/4ba, 3900 sq. ft.) is a newer (2005), custom-built home built on a steep hillside. In our review in February, we summarized: "Suffice to say it's an unusual home, but that they've done a lot to try to echo a conventional home despite the quirks – like countless stairs inside and out that move you into the home, around the home, and among the various tiers of outdoor spaces."

This home was offered on and off over nearly 7 months of 2012, at prices ranging from $2.1M down to $1.999M, without success.

It came back this year with a new agent, staged and repriced at $1.750M.

The results: Nearly instant.

The sold price: $1.950M, a $200K overbid and yet – this is really interesting – pretty much the same price it lingered at last year.

Ready for another example that rhymes quite a bit?

Look to 1042 2nd (5br/4ba, 4430 sq. ft.), a newer (2003) and luxurious Hill Section (town)home with a fairly obvious location issue – there's a commercial building next door, and 2nd Street is a significant east-west artery.

That one failed in a long listing last year, also about 7 months just like 1125 3rd, with prices ranging from $2.2M down to $1.995M.

This year, 1042 2nd came out with a new agent and that same $1.750M list price, drew multiple offers, and now has sold with a $230K overbid at $1.980M.

The parallels continue: This sold price is pretty much the same as the price it lingered at last year before quitting.

It's that last point from both properties that opens up some interesting questions.

If the sellers had the market price(s) correct last year, why couldn't they sell?

Were both properties actually "underpriced" willfully this year to draw multiple offers? (Risky strategy, if so!)

Did they overshoot the 2012 market, but 2013 has caught up?

Are there simply more buyers now?

Same house, different agent... were they just marketed better this year?

Truth is, there's probably some mix of truth if you want to give a "partial yes" answer to all of those.

But the simplest conclusion seems to be: For sellers, 2013 is better than 2012.

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