There's a big lot with some views in East Manhattan.
Absolute confusion about its value comes free.
We're talking about 1161 Duncan Drive, which only a few months ago had a different address. (Talk about confusing.)
In February, it was 300 Kuhn.
It was also 300 Kuhn during its 2017 listing.
…
There's a big lot with some views in East Manhattan.
Absolute confusion about its value comes free.
We're talking about 1161 Duncan Drive, which only a few months ago had a different address. (Talk about confusing.)
In February, it was 300 Kuhn.
It was also 300 Kuhn during its 2017 listing.
Way-back-when, in Sept. 2017, an out-of-area agent listed the lot (with 1950s ranch-style house) for $8.200M.
Wow.
Land sales at that price point are rare. Land sales on the east side at that point are even more rare.
And mis-pricing that drastic is... reasonably rare.
How badly mis-priced was it?
They realized part of their mistake within weeks. A full $1.7M came off the top and it was at $6.500M just under 3 weeks after start.
Soon after, it was in escrow. Wow, was that a $6.5M lot?
No!
The buyer came along and sheared off another $1.7M.
The sale closed for $4.800M in Oct. 2017.
Somehow, despite a breathtaking pricing error, they had sold the lot just 5 weeks after listing it... albeit for 41% less than they first were asking.
But plans change, y'know.
In January this year, another out-of-area agent listed 300 Kuhn for $5.800M. That was easy to read: Someone was maybe thinking of building, but might prefer to get out with a profit and move on.
That experiment lasted 4 weeks and it was gone.
By mid-February, the property was rechristened 1161 Duncan Drive. It also now had a local agent and a new price: $5.500M. Then $5.195M.
After 3 months, no deal. Cue the new agent.
They say it's lucky to be the third agent.
Everyone must be feeling lucky, because now 1161 Duncan Drive is asking more than $1M more: $6.270M.
You want to ask us: What's it really worth?
Well, we see what someone paid.
We see what people didn't pay earlier this year.
Not really thinkin' it's $6.270M, but you have to reality test your ideas in this market, don't you?
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.
Based on information from California Regional Multiple Listing Service, Inc. as of March 30th, 2023 at 11:33am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
