Two-Year Itch Update

By Dave Fratello | June 14th, 2007
MBC is tracking listings held by the owners for two years before they hit the market this Spring and Summer.

The issue was first discussed in this story three weeks ago, when we had 9 itchy listings.

We're now at 13, with 5 pending or sold.

This graphic, organized by markup % sought, provides a snapshot:

(click to enlarge graphic)

There's not yet enough data to say much.

The sale at 628 12th St. was so quick, and at such a modest markup, you almost think these sellers could have made $100k-$200k more if they had been willing to try a higher price and a longer wait. (They sold within 2 days.) Well, they were ready to go, and, in fact, they probably didn't walk away with a profit.

The sale at 2500 Pacific provides no clear market information for us today – the buyers 2 years ago actually took a big discount off the $1.2m-$1.4m VRM price when they paid $1.005m. (No one got discounts in Summer 2005!) So, while they sold now for $1.170m, is that really a 17% increase in value?

Pending are two big-time remodels (1800 Laurel & 3204 Poinsettia) and a home that was already sold once this year (228 5th Pl).

You can see how cloudy our quest for information on the market's trajectory, based on this measure, is becoming.

We'll check out of this update with these generalizations...

4 of the 5 sold homes were very nice. 1 was just nicely priced for today's market.

Among the actives, almost all are desirable, but the prices range from wishful to delusional.

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