Welcome Back to a Few

By Dave Fratello | October 23rd, 2012
A couple of properties have hit (or "re-hit") the MLS with the old quickie-relist tactic this past week. Do they feel new?

Meantime, another listing from last year is back this year, lease having expired, looking for a nice markup this year – even though they couldn't sell last year.

We welcome these listings back – though 2 never left – and wonder what may become of them.

It's of special note that they're making these moves in late October. Not exactly a hot time in a normal market. Will we see these listings continue into next year?

1030 1st (5br/5ba, 4300 sq. ft.) is a mid-90s Mediterranean built into a very favorable position high up the hill.

In our July review, we referred to the "huge, huge PV & ocean views, made possible as the hill drops down and away to the south."

But we also pointed to some concerns over the upside-down layout, uneven upgrades to this 90s house, and difficult yard access.

The listing began at $3.295m, ran 77 DOM and quit in late September.

It was back this weekend after a 3-week break. Back at the same price, though with a different agent.

Different results? TBD.

1826 Marine (3br/2ba, 1400 sq. ft.) is one we called a "nicely remodeled" house that could work as an entry-level home or for "some investor to make it a perfectly nice rental."

Location looms large here, just several doors west of Aviation Blvd. in further East MB and along busy Marine. (The listing memorably [still] says, "Marine is quieter than you think... don't let the address fool you!")

This one began not so long ago (late August) at $805k. It ran 6 weeks (43 DOM), trimmed down to $779k, then quit... and was back.

The "old" listing was gone and was replaced 25 minutes later by a "new" listing – same price, same agent.

This bumps it up on the "what's new" radar, but there ain't much else new.

3204 Poinsettia (3br/2ba, 1750 sq. ft.) is worth another mention in this context.

As we noted just this past weekend, it's "a sharply remodeled Tree Section house with a recent history of not selling."

Last year, even $1.299m couldn't get it sold. The house rented out instead.

This year, now that the renters have left, it's back quite a bit higher at $1.489m (+15%).

Sure, they came back this year into an environment that feels categorically different. But 15% different?  

This one could be one of those "soft" indicators to watch.

Our median price is up 4% west of Sepulveda from last year, so the 15% doesn't make sense in that context. But demand is probably stronger than last year, so how do those trends tie together on a property that failed to transact just last year? As we said, one to watch.

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