To judge by the most recent closed sales come in, you'd think no one knows how to price a house anymore.
We've seen markets where nearly every listing price seemed to be an overreach. Today, start prices seem to be literally just the starting points. Consider these very recent closings:
510 23rd (4br/4ba,…
To judge by the most recent closed sales come in, you'd think no one knows how to price a house anymore.
We've seen markets where nearly every listing price seemed to be an overreach. Today, start prices seem to be literally just the starting points. Consider these very recent closings:
510 23rd (4br/4ba, 3200 sq. ft.) is a 2009-built Spanish in the gaslamp district.
Start Price: $2.699M
Sold Price: $2.826M
Amount Over Asking: +$127K / +4%
Note: That result was different from when the same home debuted back in 2008-09. It ran 7 months on market and sold for 16% under the asking price way-back-when, the year your kindergartner was born.
1901 Lynngrove (3br/1ba, 1100 sq. ft.) is a mostly original corner-lot cottage in Liberty Village. The home has potential as a remodel, but spec builders were chasing it, too.
Start Price: $1.149M
Sold Price: $1.292M
Amount Over Asking: +$143K / +12%
Note: Our info is that the sellers did not have to pay a buyer's agent commission, making the sale price the equivalent of a $1.325M market sale, and the spread even more impressive: +$176K / +15%.
1540 2nd (4br/3ba, 2840 sq. ft.) is a nice enough remodel with bedrooms down and cathedral-style ceilings upstairs for the living spaces. The street, 2nd St., is fairly busy, as it connects to both Sepulveda and Aviation.
Start Price: $1.679M
Sold Price: $1.715M
Amount Over Asking: +$36K / +2%
2413 John (4br/2ba, 1900 sq. ft.) is a single-level 1960s homes with some notable upgrades to the kitchen and baths. Location is a bit close to Marine for some tastes.
Start Price: $2.100M
Sold Price: $2.145M
Amount Over Asking: +$45K / +2%
Note: The listing agent also represented the buyer, and may have offered a reduction in commissions, thereby raising the sellers' net to the equivalent of a higher market price.
228 38th (3br/4ba, 2175 sq. ft.) is new construction in a modern style in El Porto. The precedent for this building and this price north of Rosecrans basically does not exist.
Start Price: $2.600M
Sold Price: $2.800M
Amount Over Asking: +$200K / +8%
Note: The builder began at $2.6M, then raised the price to $2.9M while interest was developing. The final price is a reduction from the increased price, but still higher than start. (Follow?)
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 19th, 2024 at 2:25am 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.