I last featured 908 17th #102 back in October 2009. It is a 3 bed/2.5 bath 2008 built townhouse.In my last post, I compared it to unit#108 from the same complex which is also a 3 bed/2.5 bath townhouse which sold on 5/21/09 for $1,115,000.
Here is the history for unit#102:
Listed: 9/10/09 - $1,475,000
Withdrawn after 63 DOM and no price cuts
Re-Listed: 1/7/10 - $1,475,000
SOLD: 1/29/10 - $1,425,000
These appear to be similar units in the same building so it is very odd that unit#102 just sold for $300k more than unit #108 did back in May. The only thing that could explain this would be a square footage differential (I can't find the square footage for #102) or some other large upgrade on #102.
Thanks to the reader who caught this.
Unit 108 was the builder close out. The worst unit in the back of the building and the last unit the builder had to sell. It went cheaply so the builder could move on to new projects. The last units sold in a project are all profit for a builder.
ReplyDeleteThe builder almost screwed the other owners selling cheaper than previous sales. But the builder didn't care about setting the comp price lower, it was his last sale in the building. Unit 108 got a good deal.
You can say either 108 was a fair price in which case prices are going up again judging by the 102 sale. Or you can say unit 108 was a low price anomalie since it was the builders last unit to unload. That means the unit 102 sale is more indicative of the real value.
I looked at this place which is how I know there was someone living there when first listed and empty for the second listing. It would have been a perfect temporary home for 2-3 years while building a new NOM house. A nice new worry free town home. But I couldn't pay too much since I would be reselling this place in 2-3 years when the NOM house is complete. Unfortunately there were multiple offers on this place so it went fast and for just 3% under asking price. My cap was 10% off asking which is why I am always outbid. My guess is it didn't sell with the person living there because he was growing his own herbs in the house. Check out picture 9 and 13 on the 'withdrawn' mls link. That kind of staging can turn off the types of buyers that have the money for a townhouse of this price. This place sold quickly when clutter and herb free.
Thanks for providing the color on this.
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