How funny is this?

480 North Street

480 North Street

480 North Street, the spec house that was priced at $9 million + and sold for $4.5 million this past July, one step ahead of the repo man, has come back on the market today and is asking $5.350 million. Looks like the same place to me, so why the $850,000 increase?

I’d guess that the sellers figure that they got a steal, which, I suppose, they did, and now want to cash in on that bargain. But will this work? If I were a buyer, I think I’d take the attitude that, steal or no steal, distress sale or no distress sale, the market value of this house was fixed at $4.5 million in July and no market improvement has occurred since. But maybe not – it’ll be fun to see what happens. Tamar Lurie has the listing.

7 Comments

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7 responses to “How funny is this?

  1. Stanwich

    Oh the Queen is back to her wicked ways.

    Seriously though I wonder if they needed to do some interior outfit work that would warrant the price increase.

  2. CEA

    $5.35 – 6% commission = $5.0 mil. So they only have $500,000 of “wiggle room” to negotiate with a potential buyer?

    They’re cutting it awfully close. And that presumes they aren’t spending money on loans, etc.

    Prediction – they lose money on this one (you heard it here first!)

  3. anonymous

    Suspect a grade school kid could come up w/more interesting/elegant architecture than that

    Hopefully, it’s a well-built, though ugly, house…

  4. Anonymous

    Check out 45 Baldwin Farms South. Reduced price today to 5,975. Started at 9,750 a year ago. How is it possible to over price a house by almost 4 million! I haven’t been in the business that long but I would be so embarrassed!!

  5. Owl

    was this in foreclosure or close to it prior to the sale?? Sounds like Ms. Lurie is the only one making a profit on this property.

    • christopherfountain

      If she gets them their price they’ll do just fine – $500 grand for living in the house for six months? I mean, it’s not my favorite house, but it’s not that bad!

  6. CEA

    Mr. Fountain, that “if” might be one of the biggest “if”‘s I have ever heard you utter.

    “If she gets them their price”? Bwah ha ha! When has ANY property gotten the sellers’ price in the last, oh, year?