Party's Over on Poinsettia?

There's one little block of Poinsettia in the Tree Section that's got almost a storybook character to it.

Between Valley and 31st St., Poinsettia features a narrow street, a tree canopy and almost all 2-story homes that are simply pretty, with character.

We've written about the street several times over 17 years online, most recently, specifically, in 2022, after two homes on the block sold quickly and far over asking price. (See: "Call It 'Markup Lane' in the Tree Section.")

But this year, two listings on the little block have not been so lucky.

3001 N. Poinsettia (5br/4ba, 3363 sqft.) is a 2002-built Cape Cod with upgrades to the kitchen, primary bath and backyard. 

The builder's name is often associated with premium prices.

They brought the listing out at $4.575M at pretty much the kickoff to the real estate season, mid-February.

Fully 5 months later (!), the home has just closed for $4.047M, a whopping $528K (12%) below that start price.

Now, sure, the start price was probably an overreach in the first place. It would have been the highest-ever sale on the block by over $100K. 

Instead, the sale has come in as the 5th-place sale on the block.

The top sale remains 2905 Poinsettia (5br/4ba, 3252 sqft.), which sold for $4.461M in April 2022.

The home was hardly perfect. It's a 2000 build that needed kitchen and bath updates to feel proper at this upper tier of resales in the Trees.

Still, it hit that high price point by igniting a frenzy of offers, closing far, far over the start price of $3.799M (+$662K / +17%).

Plus $600K or more? That's a party.

The same thing happened again soon after 2905 closed, as nearby 2913 N. Poinsettia (5br/4ba, 3170 sqft.) came to market.

Amazingly, they chose to ask less than 2905's start price, launching at $3.750M.

But the result was largely the same, with the home getting bid up to $4.420M (+$670K / +18%) – now the second-highest sale on the block.

And that was for a home that, just like 2905, wanted kitchen and bath updates, and lacked the pretty backyard space seen at 2905.

It was a party.

Back at that time in 2022, interest rates hadn't yet spiked (they were about to), and the money in the market was a little bit funny.

You could understand the argument for 3001 N. Poinsettia to possibly sell higher than those two, being slightly newer than the others and not necessarily requiring major upgrades. But the market is different today, by a lot. No party.

When the listing's asking price was cut near the end of Month 2 to $4.295M, you could imagine it finding a buyer then, but it wasn't till the asking was cut again to $4.125M near the end of Month 3 that an offer came in – and $75K lower, to boot.

Now, attention turns to 3005 N. Poinsettia (5br/4ba, 3262 sqft.), a 2003-built home once marketed as a "Tuscan beauty" and now called a "dreamy reimagined coastal Mediterranean," on account mainly of its kitchen and primary bath upgrades.

This one has been out at $4.195M since early May. 

(3005 N. Poinsettia is listed by Robert Freeman, DOMO Real Estate.)

One stroke of bad luck already came and went, as a June escrow failed after 2 weeks.

Nothing has changed on the block, though.

It's still a very pretty place to be. Someone just needs to figure out what the price of entry is these days.