August 27, 2007

Where Would It Appraise Today? (And What’s That Really Mean?)

It was over two months ago that 350 Broderick #209 was “Appraised at $717,000” and identified as a “Rare opportunity [that] won't last.” And it was yesterday (after 66 days on the market) that the list price for this Broderick Place resale was reduced from $689,000 to $675,000.

Why Not Include The Living Room And Just Call It An Even Three? [SocketSite]
Listing: 350 Broderick #209 (“2”/1) - $675,000 [MLS]

First Published: August 27, 2007 3:00 AM

Comments from "Plugged In" Readers

Dropping the price on this small, dull place (but I do like the location) by just $14,000 is rather silly. I don't know if it is the seller or the realtor who is living in dreamland, but the world has changed. A lot. If you want to see any real buyer interest at all, you need to drop the price by another $200,000. At $500/sf, you'll see some interest. At over $800, or even $600, you'll see none.

Posted by: anon at August 27, 2007 10:03 AM

Agreed! And dropping the price STILL doesn't make this a 2BR -- it's a 1BR +Den. Big difference. All the homeowners who bought the actual 2BRs should be extremely concerned about market perception of value when they decide to sell at a later date.

Posted by: GreggLynn at August 27, 2007 11:01 AM

Hmm… it might have appraised at $717K, but it appears to have last sold at $585K. If they were to price it fairly, it might actually sell. Appraisals like this make you quesiton the industry as a whole IMHO. It’s also interesting to see an attempted flip in this building, as Signature Properties apparently didn’t allow investor purchases. Of course, I’m not sure how they actually enforce something like that. It’ll be interesting to see how long the seller holds the line on this price.

Posted by: Lance at August 27, 2007 1:29 PM

In escrow-firm from my reading of this one...

Posted by: Craig at August 30, 2007 2:59 PM

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