Wednesday, November 19, 2008

Haircuts Continue - 702 Belmont Avenue

702 Belmont Avenue came on the market in May of 2008 for $519,000. 3 bedrooms, 2.5 baths, 2000 sq. ft., tiny lot, neighbors an armspan away.

Of course IOHO we thought the Asking Price was bubbly, given the neighborhood, the economy, the previous selling price (pre-"flip" renovations), and nearby "comps." We went on about these issues in this post.

In August, the price had dropped to $479,900 and the place was for rent for $2,100/per month. We commented on this phenom in an "Accidental Landlord" post.

Now the Asking Price has dropped to $449,000 (same MLS #453358). The rent has dropped to $1,600/month.

Are these the magic numbers?


bob said...

this place has been for rent since August. what's wrong with it? is it just the price?

Larry said...

not sure if there's anything "wrong" w/the place so much as there were certain decisions made during renovations that won't appeal to every buyer.

the first floor master takes up a lot of the first floor which leaves less communal gathering space. and this could be an issue for renters who are roommates b/c there's a big difference in bedroom sizing.

the open plan of living/kitchen area is still cut in half by freestanding fireplace.

neighbors are really close.

saw it during an open house.

Anonymous said...

Now it's back on the market at an increased price--469,000. The bubble is over.

Real C'ville - The Bubble Blog said...

MLS #460742 "new listing." Re-entering the data into the MLS is good for an extra $20K asking, IOHO.