Details: 3 bed/2.75 bath 1,900 sq ft house, 6,072 sq ft lot, 1930 construction with some upgrades
Description: Welcome to this charming one story Spanish home located on a tree-lined street. This location is close to the parks, shops and Franklin school. The house has hardwood floors throughout and coved ceilings in the living room with a fireplace. The inviting formal dining room, with high ceilings and big windows is adjacent to an outdoor eating area which creates a desirable entertainment flow. There are three bedrooms and 2 3/4 baths. The yard has a serene sitting area and a place for a swing set.
Previous Purchase: 9/13/05 - $1,720,000
Old Listing History: 2/27/09 - $1,895,000
expired after 182 days on market and no price cuts
Current Listing History: 1/14/11 - $1,650,000
The old listing history from back in early 2009 shows that this seller has been very delusional in the past. However, the current asking price appears to be much more in line with the market (although I think it still looks a little high).
The current asking price represents a 4% rollback from the September 2005 price...so call it a mid-2005 rollback asking price. I think they may need to reduce the price into early 2005 territory or a bit lower to get this to move. One of the problems with this house is that the smaller lot and interior improvements makes it so a buyer isn't going to buy this and tear it down to build, but at the same time, it isn't small enough and cheap enough to cater to the more entry level young family demographic. This thing is a touch above the entry level area but not really into the next tier...
I have noticed a nice little bunch of properties hit the market in the past week or so. Hopefully we can keep a close eye on new listings as well as listings coming back out from the shadow inventory pool (like this one).
Your sources are impeccable, Warchest! Your Xmas Eve post about 848 23rd had a source saying it would go for around $1.35 million. Redfin today says it sold for a bit more: $1.385 million. Described as a teardown at the insightful bidding war ask of $989K, that comes out to $173 per sqft for this 8,000 sqft lot.
ReplyDeleteCompare that to the exact same price paid for 838 25th (also 8,000 sqft of land) that sold 3/31/10, and I guess you could say prices are stabilizing. Why, you might even say they are actually rising in the NOW 90403 since 838 25th was updated and livable whereas 848 23rd wasn't.
Regarding 1025 25th, with almost 2,000 sqft less land, I agree that the asking price here is way too high! Will be interesting to learn what you hear going onward...
P.S. When finding updated info such as for 848 23rd, should we update the older post on the same subject or do you prefer comments at a newer post such as this one?
I prefer you just comment on newer posts. I will do an update post in the next few days. You are right about what it sold for. You can confirm it by clicking on the link for the listing on my post.
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