In "Flat But Up
" in early March, we were skeptical of the demand for $2.6m for 324 8th
, a 1-1/2-size lot (4050 sq. ft.) on a flat walkstreet near downtown.
Neighboring 316 8th
– a corner lot of the same unusually large size – had sold for $2.150m
in Sept. 2009.
324 8th did make a quick deal, but for much less than asking, and about 5% more than the neighbor had sold for during a trough for the local market.
324 8th's sale price: $2.255m (-$345k/-13% off start).
That's equivalent to exactly $1.5m for a standard-size lot.
And here come the 'dozers.