Less “Uber Cool” Cash For An “Uber Cool” House (745 Detroit)June 19, 2007
Our original mention generated a bit more debate and controversy than we expected, and we’re really not trying to stir the pot, but we do have to note that the asking price on 745 Detroit was just dropped another $100,000 (now listed $205,000 or 12.1% below original asking). And a general note to all: hate the game, not the player(s).
UPDATE: Closed escrow on 8/24/07 for $1,445,000 (15% under original asking).
∙ Listing: 745 Detroit (3/2.5) – $1,495,000 [Sotheby’s] [MLS]
∙ Not Just Cool But “Uber Cool” In Sunnyside [SocketSite]
Comments from Plugged-In Readers
Surely you are looking to stir the pot just a bit…. But thanks for following up on this listing.
Has anyone actually been through this place? I’m still curious on the SqFt of this place as it seems very much overstated at 2500+.
It’s a gorgeous house (very elegant but understated) on a very very steep and ugly block. The square footage seems a little high but all the rooms are quite large and the lower level containing the master suite is enormous.
BIDDING WAR!!! Just kidding. I just read the old thread in the link, some of the messages from the realtors are hilarious.
3 months ago the underpricing strategy still kept some properties moving, now it’s wearing out. The last thing you wanna do in a market like this is reducing the price by small chunks. If you do, people will just wait and see what happens next. I feel sorry for the seller. Obviously he/she put in lots of energy into this. It just sucks having to walk away with only a fraction of the profit expected.
It’s not just this property, there are a few properties out there in good neighborhoods that are overpriced and likely to see a few reductions before the homes sell. The northpoint place, despite killer marketing and publicity, is really at a stretch premium; although they may find a buyer at $5m I wouldn’t be surprised at all to see them take less in a confidential sale. You also have an overpriced place on Vallejo, Green St (PacH & R-Hill), and who can forget the 10 Hastings disaster.
These sellers and agents need to get a dose of reality. Great places that are priced right ARE selling FAST. It’s almost a ‘hot’ market; but buyers are not over-paying and they are certainly sniffing out wheat from the chaff when it comes to value. It’s really more of a normal market.
PS: I too revisited the original thread and it is a classic!
Get a cup of coffee, relax and read the original thread. It is a Socketsite classic!
Seller violated one of the basic rules of real estate – investing more in a home than its street warrants. Or,to put it another way, sell before becoming the first on your block to sink a small fortune on renovation
745 Detroit closed escrow on 8/24/07 for $1,445,000 (15% under original asking).
Comments are closed.