900 Minnesota #S514
While asking at least $105,000 less than “similar units” in the development, after a month on the market the listing for that investor owned and “insatiable” two-bedroom at Esprit Park has been withdrawn. As always, another data point for plugged-in people.
A Quick Friends And Family Esprit Park Flip? [SocketSite]

16 thoughts on “Not So Quick For That “Insatiable” Homes On Esprit Park Flip (#S514)”
  1. Even with the poor location I would consider bidding on this when it gets down to $700K. I like the outside space.

  2. If you lower the price month after month, people smell blood and all you get is crazy (for now) low ball offers. Certainly the low ball offer will be deemed a reasonable one in 6 months but it will be too late, someone else will have taken the buyer.
    Another theory:
    The demand was so strong at this price point that they decided to withdraw the listings until the dust settles. They’ll re-list with a 25% markup in a couple of weeks I am sure…

  3. When I toured this unit a few weeks ago, a couple next door was out on their deck christening the new place with cocktails. Spencer – have you actually been in this space? I found the lack of privacy on the deck a little disconcerting. ( I did also feel sorry for the lovely couple that probably overpaid for their unit).

  4. i don’t disagree that this unit is likely priced to high, but i thought it was fair to note that many units start coming off the market this week as very few transactions take place between now and 1/1/09. we’ll see a lot of these places back on the market in early jan with a lower asking price or they’ll sit around some more until the price gets lowered.

  5. I think Garrett’s right on this one. They’ll re-list in Jan/Feb.
    Of course, they’ll be out approx. $6-$12k more then. Now there’s something that’s really insatiable. A mortgage.

  6. @San FronziScheme – fair enough on the alternate theory, however I’m doubtful they would have turned down their asking price.
    @Dude – my initial thought as well on 1011 23rd until I toured it. I have to agree with curmudgeon,
    inside and out this place was just unpleasant.

  7. ellen,
    That was my attempt at irony, mimicking the hubris shown by professionals who use to tell us we would miss our last chance at home-ownership. Times have sure changed.

  8. @ ellen and curmudgeon: I admit I have not seen either property so will trust your judgement. But from the pictures they appeared to be 2 somewhat similar properties, 2 blocks away from each other, but with a $300K price difference.

  9. Would you rather have an “insatiable” condo or a “concise” loft?
    Why not just one that’s “well built”, “well thought out” and “priced right”?

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