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Sunday, June 20, 2010

2008 Spec House Rollback

Address: 421 23rd - 90402

Details: 5 bed/6.5 bath 6,556 sq ft house, 8,700 sq ft lot, 2008 construction, all the bells and whistles

Description: 3-story East Coast Traditional, apprx 6,556 sqft with 5bd, 6.5 baths+office+2 family rooms. Brand new 2008- featuring dark oak hardwood floors, wainscoting, vaulted ceilings, skylights, custom cabinetry & chandeliers, crown moldings and top-of-line hardware . Bright step-down living rm w/fireplace opening to courtyard. Formal dining room flows into family room. Huge chef’s kitchen with all Viking appliances, dbl farmhouse sinks, 2 dishwashers, full size fridge & freezer. Lower level w/media room, game room, wine fridge and separate gym w/steam shower. Master suite with vaulted ceilings, balcony and walk-in closet. Enormous master bath- soaking tub, steam shower. State-of-the-art sound system. Totally private backyard. Franklin school district.

Previous Purchase: 1/9/08 - $4,700,000

Listing History: 3/17/10 - $4,395,000

SOLD: 6/4/10 - $4,190,000

If I recall, this house was originally listed for $5mm back in 2007 while still under construction. It then sold in early 2008 for $4.7mm. With it coming back on market this year we can get a good apples to apples comparison on price.

The loss in this case is $510,000. While that may seem like a lot, it is actually just 11% lower than the early 2008 price. At best you might be able to call it a very late 2006 rollback. I would say as a result of this small rollback that the sellers here did very well.

2 comments:

  1. It looks like the house I grew up in. Which is not a compliment.

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  2. This is a REALLY nice house. Sellers did well and the buyer paid probably more than they should have but this was a very nice house and anyone who visited would tell you the same. probably one of the nicest homes put on the market in the past 2 years N. of Montana.

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