I last featured 334 15th back in November 2009.It is just a small, 2 bed/1.5 bath house but there are some very neat details and it is a pretty unique house.
At the time I featured this house last year it was clear that it was overpriced. It (much to my astonishment) went into escrow though and remained in escrow for many months. Well...shocker, it fell out. Now, bring on the price cuts.
Previous Purchase: 2/8/08 - $2,400,000
Listing History: 10/23/09 - $2,250,000
Reduced: 06/30/10 - to $2,100,000
The current asking price represents a decline of 12.5% from the early 2008 purchase price. I would argue that prices are down more than that and that this house will need to reduce the price by a greater margin in order to achieve a sale. I would guess that if a sale eventually takes place, it will be below $2mm.
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