In three months on the market, the new construction at 2807 Elm has cut $400,000 off its asking price. Each time, the cut was $100k.
The initial list date was June 28. The cuts:
- July 20: $100k
- Aug. 19: $100k
- Sept. 5: $100k
- Sept. 25: $100k
That's a drop of about $33,000 per week.
2807 Elm (click for details) is a…
In three months on the market, the new construction at
2807 Elm has cut $400,000 off its asking price. Each time, the cut was $100k.
The initial list date was June 28. The cuts:
- July 20: $100k
- Aug. 19: $100k
- Sept. 5: $100k
- Sept. 25: $100k
That's a drop of about $33,000 per week.
2807 Elm (click for details) is a lovely and mostly well-thought-out home that simply
started much too high at
$2.899m.
The current price of
$2.499m for 5br/5ba and 3550 sq. ft. means it remains in the
upper tier of comparable active listings. (Click here to download the
newest MB Market Update.) The closest comps are
648 35th (5br/5ba, 3600) at
$2.295m (began at $2.45m) and a quite nice one at
2709 Oak (also 5br/5ba, 3600) at
$2.299m.
It seems plain that Oak could drop further, given the major location issue and its year-plus time served on the market. It has plenty of charms.
Meanwhile, 35th is nice enough
(MBC objects to a ridiculous use of stapled-on stone for the protruding front room; click address above to see listing pics) although buyers seem not to love this part of 35th.
It seems that the sellers of 2807 Elm are
actually trying to get it sold, which is more than we can say for lots of the other 27 actives in the Tree Section above $2m. MBC has recorded only 6 sales of new construction in the Trees between $2m-$3m since March, and there are now 13 active new construction listings in this price range, including everything mentioned here.
Step by step, the folks offering 2807 Elm will keep working to find the price that gets you to say,
alas, "this is a great home at a good price."
With a decent location, a plus build and two nice outdoor spaces (the lot is larger by 1100 sq. ft. than your average Tree Section lot), they could pull it off. They have to get the price right, but at least you can say they're trying to find where the market is 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 23rd, 2024 at 10:25pm 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.