Not so long ago, MBC featured the case of 2909 Elm (5br/4ba, 3450 sq. ft.) which had been vastly overpriced before renting out in 2007, perhaps hoping for a market turnaround. (See "Renting Could Cost You $300k.")
There was no market upsurge after Summer 2007. Instead, the home later sold for $575k less than the…
Not so long ago, MBC featured the case of
2909 Elm (5br/4ba, 3450 sq. ft.) which had been vastly overpriced before renting out in 2007, perhaps hoping for a market turnaround. (See "
Renting Could Cost You $300k.")
There was no market upsurge after Summer 2007. Instead, the home later sold for $575k less than the price on it when it had quit in June of that year. (Closed price:
$1.450m in April this year.)
Now a nearly new (2008) home that came out in Spring 2008 at
$1.995m is back about $300k lighter. It's
2901 Oak (5br/5ba, 3250 sq. ft.), starting Weds. at
$1.699m.
The home spent almost 3 months on market last year – always at $1.995m – and appeared to have a deal at one point in August 2008, but the escrow seems to have failed. Since the property's been off-market since then, we take it that it rented out instead.
Asking $2m for an Oak property last year was pushing it a bit. However, after 2901 Oak quit,
3109 Oak came out
even higher in October –
$2.329m.
After 6 months of sliding downwards, 3109 made a deal at
$1.660m (-$669k/-29%), closing in June of this year.
That deal and another Oak sale from earlier this year – a custom Spanish at
1825 Oak (4br/4ba, 3136 sq. ft.) that sold for
$1.679m in August – lend support the new price at 2901. But you wonder what they might have gotten if priced right last year, instead of waiting till now.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 21st, 2024 at 7:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.