If a seller's loss can contain a hopeful sign, that may be what comes from the recent sale at 2305 Pine.
The modestly sized (3br/2ba, 2000 sq. ft.), remodeled cottage recently closed for $1.4m, a pretty good sign of strength in Tree Section pricing.
As MBC noted in our most recent post on Pine, the home came on…
If a seller's loss can contain a hopeful sign, that may be what comes from the recent sale at 2305 Pine.
The modestly sized (3br/2ba, 2000 sq. ft.), remodeled cottage recently closed for $1.4m, a pretty good sign of strength in Tree Section pricing.
As MBC noted in our most recent post on Pine, the home came on in late February at a time of "fairly low inventory below $1.5m." (See "2305 Pine Is Back, 3 Years Later.") List then was $1.449m, so it didn't drop much as the deal was made.
For our market tracking purposes, the intriguing thing about the MLS-reported closed price is that it's down just 11% nearly 3 full years after its August 2007 acquisition at $1.570m.
Looking around town, you'll find plenty of 2007 purchases that have rewound more than 11%. Especially on an overpay situation like Pine seemed to be at the time in 2007 – you'd expect a bigger chop. Here are some '07 purchases resold recently, and their declines in value:
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3113 Laurel |
3113 Laurel (5br/5ba, 3400 sq. ft.), purch. March '07 for $2.350m, resold March 2010 for $2.025m (-$325k/-14%);
- 1018 2nd (3br/3ba, 1900 sq. ft.), purch. May '07 for $1.952m, resold May 2010 for $1.545m (-$355k/-19%); and
- 1516 Highland (3br/3ba, 2225 sq. ft.), purch. March '07 for $1.795m, resold June 2010 for $1.6m (-$195k/-12%) – some remodeling work was done after the '07 purchase, so the equity loss to the sellers was likely greater than 12%.
The 11% drop on Pine defines the low end of these recent 3-year resales.
Median prices citywide, meanwhile, dropped closer to 25% from peak to valley, though parts of 2010 have seen an uptrend from the trough. (More on median price trends soon.) What that means for Pine is that a sale midyear last year would have been expected another 5% or more below $1.4m.
The only very recent Tree Section resale from 2007 to perform "better" than Pine just did was 3011 Elm, a special Spanish in a nice location that dropped from $2.650m in Dec. 2007 to $2.475m this year (-$175k/-7%).
We always note that 2305 Pine was the subject of MBC's very first post, after the listing's price increased by $100k at a time that the broader market was strange and seemed mostly to be declining. That move prevented the home from selling during the Great Spring Rally of 2007, but the sellers still got most of their price increase in the Summer.
The buyers from that time, in getting out now, can at least be said to have picked a moment that wasn't the utter bottom to hand the keys over to someone else. Small satisfaction, perhaps, with a dollar loss that easily could exceed $200k, but it could have been worse.
Please see our blog disclaimer.
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.