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August 1, 2011

Challenged Pac Heights Vic Closes Escrow After All


First listed back in September 2010 for $2,995,000, the 5BR/3.5BA Victorian single-family home sans garage at 2679 California Street closed escrow last week. That’s 305 days on market (DOM) for this baby, and the road to closing the chapter on this home sale wasn’t exactly smooth.

The property went through multiple price reductions, as well as three stints in contract that didn’t work out. The sellers were obviously sensitive to their ultimate price, as they paid just over $3M for the home in 2008. But it looks like everyone persevered, and the final sales price was $2,335,000.

2679 California is a good example of the type of home that was up against some challenges in the current market. For one thing, not many buyers out there are running around with $3M worth of purchasing power. So those buyers have their pick of inventory. And it may take a while to find someone who’s willing to spend that money on a property that’s located on a busy stretch of road and that doesn’t have a garage (though there is a parking pad, and a bid for a garage installation).

I think that in the end, the selling price reflected those factors.

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