Purchased for $5.688 million in May of 2018, the “Stunning Mediterranean View Home” with a sprawling backyard at 669 Marina Boulevard returned to the market priced at $7.999 million in January of 2022 having been completely remodeled and upgraded between.
Completed in 2021, the redevelopment of 669 Marina Boulevard included the addition of a fully permitted in-law/AD unit (or gym) on the ground floor; new plumbing, furnaces and central heating throughout; two all-new and expanded kitchens; four newly remodeled baths (along with the addition of a fifth); and an overhaul of the interior and exterior of the now 3,990-square-foot home, a measurement which doesn’t include the 795-square-foot garage with a charging station.
Relisted for $7.649 million in May of 2022, reduced to $7.585 million that June, and then dropped to $7.490 million that July, 669 Marina Boulevard was then relisted for $7.485 million in October of 2022.
Reduced to $7.399 million in November of 2022, to $6.995 million in March of last year, to $6.900 million last April, and then relisted anew for $6.500 million three months ago, the resale of 669 Marina Boulevard has now closed escrow with a contract price of $6.150 million, which is officially “within 6 percent of asking” according to all industry stats and aggregate reports, with a “$462,000 increase in value,” but over 23 percent and $1.849 million under original asking and expectations, with well over $462,000 invested in the home’s redevelopment and six year hold.
This remodel took four months too long and may have cost the seller millions as a result. The January 2022 listing was the beginning of the tech and crypto crash. This seller was reducing the list price all the way down with the market throughout 2022 as well as the interest rate hike. If it had listed in Sept 2021, when the run-up was near its Nov 2021 peak, the seller probably gets their ask. Brutal.
An alternative theory is that the place is entirely too grey.
Disagree. They misread the market in 2022, chased it down.
I remember some insane overbids still happening in my (Westside) hood in spring of 2022, (maybe low interest rates had been locked and buyers still employed), so coming to the market at Jan 2022 was cutting it close but they could’ve made a decent sale (or at least covered costs).
But really, it IS entirely too gray. Even a Zack Snyder desaturated film has more contrast and depth than this place.
Is it virtually staged? Because if it’s not, to have real-life feel like virtually staging is quite the feat. Yes, people want neutral so they can imagine their personal touch, but they kind of overdid it here, flattened all imagination. It just looks like it would take a lot of work to personalize it, and you don’t plunk down $7 million for an exhausted feeling. This house is one of those trainwrecks that make reading Socketsite so much fun. That said, if the bones and work quality is good, it could easily be saved by a good designer.