Chelsea Park Christmas Special (But Lump Of Coal If It’s Your Comp?)December 10, 2008
It’s a “Christmas special!” at Chelsea Park as the list price for 3620 19th Street #26 has just been reduced to $799,000 (previously listed for $899,000).
Originally asking $949,000 for this 1,332 square foot three-bedroom, two-bath condo, the reduction might seem more like a lump coal, however, if considered to be your comp.
∙ Listing: 3620 19th Street #26 (3/2) – $799,000 [MLS]
∙ Changing Chelsea Park Expectations Versus Eleven Months Ago [SocketSite]
Comments from Plugged-In Readers
I’m curious to see what the price will be next winter.
^^ I’m guessing this will show up on craigslist as a rental before next winter.
it’s a little tough on the marketing when they are having a broker tour yesterday and there are two guys asleep on the sidewalk near the front door of the project…one guy appeared to be a former real estate agent, the other might have been the developer…not sure. These are hard times and it’s really hard to deny it.
Down over 15% from original list and below $600/sf…probably still not enough given the neighborhood challenges and the market.
Below $750,000 should help get it done.
I just consulted with my crystal ball. It tells me we’ll see a straightforward withdrawal followed by a relisting at a slighty higher wish price when things are supposed to pick up late winter-early spring. Then they’ll lower again most of the year, followed by a switch to rental (oops, too much competition) followed by plain old capitulation at $550K in early 2010.
Or maybe they could lower to the lower/mid-600s today and it will sell.
they should just wait until after the Superbowl, the RE market is sure to bounce back then.
Ooooh they’ve reduced the rooms in the big giant castle over there! Yuck.
Even by boom standards that building is grotesque.
Thats the weirdest kitchen… There can’t be THAT many cabinets that there’s room for a framed picture!
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