Winner of the Race to $2.1m

By Dave Fratello December 16th, 2007.

If you've got to sell, one theory is that you've got to move the price enough to convince buyers you're flexible. Certainly, 2807 Elm did that.

The movement on Elm, a new home that only entered our glutted $2m+ segment in the Tree Section in late June, was stunning. It went from dramatically overpriced at $2.899m, down, down, down in $100k chunks, to $2.299m.

Now it has closed escrow at $2,100,000, fully $799k down (-28%) from start, an extra $199k off the last (reduced) list price.

This officialy makes 2807 Elm a winner of the "race" toward prices around $2.1m we saw developing in October (see "The Race to $2.1m, and Then...") – noteworthy at the time because previous clustering of comparable listings had been around $2.3m instead.

Man, did they unload this puppy. Though it wasn't super-quick (139 DOM), by comparison with other new construction, this sale happened in a flash.

2807 Elm boasts 5br/5ba, 3550 sq. ft., on a larger-than-normal 5600 sq. ft. lot that afforded a quite decent back yard. In our tour, MBC found the home charming and a bit unique. We must concede that we've received some private feedback that wasn't so positive, but we loved it and we've said so.

Now look at something else: 2807 Elm's price per square foot was $592. We haven't recorded a PPSF less than $650 since June in this segment, and mostly you see $730+.

No question, this sale has ramifications. We'll return to this with more analysis later in the week.

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