Tuesday, April 15, 2008

North of Montana 2008 sales

WarchestSM just reported this 3 bed / 2.5 bath at 219 23rd, asking $2,395K, sold for $1.88M. This would represent a lot-value drop back below $2M, a big deal.

Let's look at the other sales north of Montana that have closed this year and been reported by the County and/or Zillow:

704 15th, 2 bed/1 bath, OLP=$2,295K (red. to $1,990K), LD=8/22/07, SD=2/25/08, SP=$2,100K
334 15th, 2/1, $2,295K, 1/11/08, 2/8/08, $2,400K
231 18th, 3/1.75, $2,349K, 1/11/08, 2/8/08, $2,325K
416 17th, 3/2, $2,550K (red. to $2,399K), 11/29/07, 2/26/08, $2,360K
848 25th, 5/4.5, $3,350K (red. to $2,995K), 7/30/07, 1/8/08, $2,850K
202 14th, 6/4, $3,858K (red. to $3,288K), 5/24/07, 1/18/08, $3,050K

Not enough examples yet to establish a low-end falling trend, but they do show resistance to price increases.

7 comments:

Anonymous said...

A total bargain. I am going to pick up the next dozen lots that come available at these bargain prices. I am sure they will be hitting $4M before long!

Anonymous said...

"This would represent a lot-value drop back below $2M, a big deal."

This is also not a lot west of 14th and is not a 7500 SF lot, which I believe makes this price even more relevant.

NeedleBrain on Bubble Pricing said...

The competitive situation in 90402 is interesting. More mid range houses in desirable areas are coming onto market.

Look at 19th and San Vicente, where 2 houses across the street from each other were recently listed. They are mid range houses, not obviously tear downs, with location discounts for being right on San Vicente. One has a dreamer price of $4.5m. The other I could not locate, but 249 18th street (not bordering on San Vicente) is priced at $2.4m.

So while some price like the bubble is not seriously leaking air, others like 219 23rd feel the pressure (get the pun) and want out at $1.88 million.


Wonder which pricing strategy will bear fruit?

Wonder what the selling prices will actually be.

Imagine the percentage reduction that will appear if the $4.5 listing sells at market. It will look like the Great Depression if the house actually sells at 30% of its prior listed value.

Since the inventory is starting to increase, I think prices in 90402 finally will show that they are falling.

Anonymous said...

anonymous on April 15h a 2:12 sounds like a crooked RE agent

dwr said...

"anonymous on April 15h a 2:12 sounds like a crooked RE agent"

Either that, or someone who realizes we still have another 30% to go.

Wooster said...

I called about 214 Euclid because we were interested in finding something with a large lot size (it's 11,250). It was listed for $2.7MM. Apparently, it had 14 offers and the counter is going to be at something like $3.3mm. I was speechless. NoMo is just plain insane.

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