MLS Watch – Prices go down, prices go up

It’s been a while since I’ve really done MLS Watch. The truth is that we’ve been having troubles at Redfin getting our ‘listing alert e-mails’ to run reliably which is what I use to compile this blog post. Anyhow, here’s a look at some of the activity over the past week that caught my eye:

Reductions at 2200

900 Lenora St #W709 fell $20k to $509,999.

910 Lenora #S505 fell $12,450 to $447,500. Of course it’s likely this unit has been on the market 45 days because it doesn’t have any photos.

2200 Westlake Ave #S503 fell $14,510 to $559,990.

900 Lenora St #W304 fell $20k to $439,900.

910 Lenora St #S-403 fell $44,950 to $545,000.

2121 Terry Ave #N1605 fell $30k to $1,195,000.

In addition to the reductions there were a number of new listings at 2200. Here’s a link to see all 29 listings. If you can’t afford to buy, don’t worry there are at least 16 options.

Increases at Mosler Lofts

Units 612 and PH4 got bumped $20k each. Unit #601 only got bumped $10k.

615 Pike

What did I tell you, 615 Pike went STI in about a week.

Fix/Madore Loft

1507 Western Ave #604 is a very cool space. $450,000 for 795 of space. 15′ ceilings, though no parking. This loft will go STI within a week. Disclaimer: I know the seller and the seller’s agent.

81 Vine Price Drop

I’ve had my eye on 81 Vine St #308 for a while now and it just dropped $15k to $419,950. I have to admit I’m surprised this has been on the market for 142 days. Has anyone toured it?

Cristalla

2033 2nd Ave #1807 hit the market last week for a cool million. Only $890/SqFt

Press

There’s always a daily amount of MLS churn for Press Condos with units coming active and then going STI immediately. A reader speculates about the reason why:

Regarding Press – it’s just real estate / marketing tactic. Press actually has a lot of inventory still left (you will see if you go to their sales center, and actually look at the unit floors at the front that marks which ones are sold and not). What they do is to only ‘offer’ a few units on the market (MLS). This does a couple of things, but mainly:

1. It creates a sense of ‘rarity’ to the buyers. ‘Oh, there are only 3 units left! I must buy now!’.
2. They can target specific, harder to sell units to the buyers, utilizing (1) above to create an urgency to get buyers to buy now, and also buying the not-so-ideal units.
3. Because of (1), and (2), this allows them to continue to price these units at sky-high prices, for a conversion, Press is NOT worth the money they are asking for imho. But people buy them, because of (1) and (2). Ok, the location is great, but still I do not think it’s worth the money.
4. Even though only a select few are ‘on the market’ at one time (and shown on their pricing sheets at sales center), ALL of the units are actually still available for general purchase if you know that they are available.

So finally, what (4) allows the sales and marketing guys to do is, if a ‘hidden’ unit gets sold, they are immediately put on MLS, and then one day after the status is changed from ‘Active’ to ‘Pending’. This once again, creates the illusion that Press is a highly desirable building and tons of people are gobbling it up left, right and center. I.e. it looks good on MLS.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Rick

    Jo. I respect your thoughts, however the first time you are in a real estate dispute do not expect any representation from Redfin. Real estate agents are to provide a service and really I guess it comes down to you get what you pay for. Nordstroms vs. Target.
    BTW I am not a real estate agent and I am under 35.

  • AC

    I don’t know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.

    However, I did go into the Press sales center last December, and the onsite agent specifically told me, after showing me a price sheet with just a handful of units available, that those are all the ones that they have for sale at that time. When I pointed it out to him that at the front of the building on the map there are others still marked as unsold, he then told me that those are also available and I can purchase them if I would like to, but they prefer to market only a few units at once and therefore that’s why they are not shown on the pricing sheet.

    So I think there is truth for both sides, but anyways, it’s just sales strategies, they are doing whatever they can to sell units, and that’s their job. You just need to make sure that you look closely before you buy.

  • AC

    I don’t know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.

    However, I did go into the Press sales center last December, and the onsite agent specifically told me, after showing me a price sheet with just a handful of units available, that those are all the ones that they have for sale at that time. When I pointed it out to him that at the front of the building on the map there are others still marked as unsold, he then told me that those are also available and I can purchase them if I would like to, but they prefer to market only a few units at once and therefore that’s why they are not shown on the pricing sheet.

    So I think there is truth for both sides, but anyways, it’s just sales strategies, they are doing whatever they can to sell units, and that’s their job. You just need to make sure that you look closely before you buy.

  • AC

    I don’t know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.

    However, I did go into the Press sales center last December, and the onsite agent specifically told me, after showing me a price sheet with just a handful of units available, that those are all the ones that they have for sale at that time. When I pointed it out to him that at the front of the building on the map there are others still marked as unsold, he then told me that those are also available and I can purchase them if I would like to, but they prefer to market only a few units at once and therefore that’s why they are not shown on the pricing sheet.

    So I think there is truth for both sides, but anyways, it’s just sales strategies, they are doing whatever they can to sell units, and that’s their job. You just need to make sure that you look closely before you buy.

  • EconE

    And then Rick…(possibly a real estate industry professional of sorts?…or maybe married to one?)…said.

    “This is my first time reading this and I have to say there are several comments that are based on inexperienced real estate wanna be professionals. The MLS is used as a tool for real estate agents, not consumers, to obtain information about listings. If you have been in the real estate business for the past 20 years you would understand that the MLS lists a portion of what is currently available in a condominium project solely for the purpose of informing the real estate agent community.”

    A (consumer?) said…

    “I dont know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.”

    hmmmmm…really makes one think about the “transparency”…or should I say “murkiness” of the real estate market.

    I wonder what the REAL inventory numbers are.

  • EconE

    And then Rick…(possibly a real estate industry professional of sorts?…or maybe married to one?)…said.

    “This is my first time reading this and I have to say there are several comments that are based on inexperienced real estate wanna be professionals. The MLS is used as a tool for real estate agents, not consumers, to obtain information about listings. If you have been in the real estate business for the past 20 years you would understand that the MLS lists a portion of what is currently available in a condominium project solely for the purpose of informing the real estate agent community.”

    A (consumer?) said…

    “I dont know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.”

    hmmmmm…really makes one think about the “transparency”…or should I say “murkiness” of the real estate market.

    I wonder what the REAL inventory numbers are.

  • EconE

    And then Rick…(possibly a real estate industry professional of sorts?…or maybe married to one?)…said.

    “This is my first time reading this and I have to say there are several comments that are based on inexperienced real estate wanna be professionals. The MLS is used as a tool for real estate agents, not consumers, to obtain information about listings. If you have been in the real estate business for the past 20 years you would understand that the MLS lists a portion of what is currently available in a condominium project solely for the purpose of informing the real estate agent community.”

    A (consumer?) said…

    “I don’t know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.”

    hmmmmm…really makes one think about the “transparency”…or should I say “murkiness” of the real estate market.

    I wonder what the REAL inventory numbers are.

  • Kim

    I saw the Press condos last Saturday and they did the same thing — handed me a sheet showing that only a few were available.

    In any case, I wouldn’t want to live in a marketing gimmick nightmare like the Press. All the condos had obnoxious “The Press” signs near door. Also, the Press sales lady said “we want to create a feel of an internet cafe”. I don’t want to spend $400K+ on something that feels like a college dorm.

  • Kim

    I saw the Press condos last Saturday and they did the same thing — handed me a sheet showing that only a few were available.

    In any case, I wouldn’t want to live in a marketing gimmick nightmare like the Press. All the condos had obnoxious “The Press” signs near door. Also, the Press sales lady said “we want to create a feel of an internet cafe”. I don’t want to spend $400K+ on something that feels like a college dorm.

  • http://www.tylermckenzie.com Tyler McKenzie

    Hi,

    I’ve been watching your blog for a while and noticed a couple of postings concerning 81 Vine, specifically #308. With full disclosure in mind, I am the listing agent of that property. Indeed, I must join fellow commenters in expressing surprise it hasn’t sold at its current price either. Just to let Justin know, my client is offering a two year subsidy for parking assuming a full price offer. I’ve been contacted by “Evening Magazine” whose producers wish to feature the unit in an upcoming piece (set to air in May, I believe) on cool properties in the downtown area. It’s deserving of that attention, to be sure.

    In any event, my client appreciates the attention this blog has given his home and I do as well. Thank you.

  • http://www.tylermckenzie.com Tyler McKenzie

    Hi,

    I’ve been watching your blog for a while and noticed a couple of postings concerning 81 Vine, specifically #308. With full disclosure in mind, I am the listing agent of that property. Indeed, I must join fellow commenters in expressing surprise it hasn’t sold at its current price either. Just to let Justin know, my client is offering a two year subsidy for parking assuming a full price offer. I’ve been contacted by “Evening Magazine” whose producers wish to feature the unit in an upcoming piece (set to air in May, I believe) on cool properties in the downtown area. It’s deserving of that attention, to be sure.

    In any event, my client appreciates the attention this blog has given his home and I do as well. Thank you.

  • http://www.tylermckenzie.com Tyler McKenzie

    Hi,

    I’ve been watching your blog for a while and noticed a couple of postings concerning 81 Vine, specifically #308. With full disclosure in mind, I am the listing agent of that property. Indeed, I must join fellow commenters in expressing surprise it hasn’t sold at its current price either. Just to let Justin know, my client is offering a two year subsidy for parking assuming a full price offer. I’ve been contacted by “Evening Magazine” whose producers wish to feature the unit in an upcoming piece (set to air in May, I believe) on cool properties in the downtown area. It’s deserving of that attention, to be sure.

    In any event, my client appreciates the attention this blog has given his home and I do as well. Thank you.

  • EconE
  • EconE
  • EconE
  • Archimedes

    I love the hip, young feel of the Press. Believe it or not, they are selling out fast. Someone came in while I was there asking for a studio with a patio, and was told that the last one just sold out but he could have a studio without a patio.

    They are perfectly aligned for the capitol hill market. As far as the sellers know, not one child has moved into the Press condos. It is placed in an area where the target demographic (young, single people and couples) is expanding explosively. Prices will only go up from here. Great investment property. Expanding neighborhood. Highly recommended. Watch this one appreciate in the long term.

  • Archimedes

    I love the hip, young feel of the Press. Believe it or not, they are selling out fast. Someone came in while I was there asking for a studio with a patio, and was told that the last one just sold out but he could have a studio without a patio.

    They are perfectly aligned for the capitol hill market. As far as the sellers know, not one child has moved into the Press condos. It is placed in an area where the target demographic (young, single people and couples) is expanding explosively. Prices will only go up from here. Great investment property. Expanding neighborhood. Highly recommended. Watch this one appreciate in the long term.

  • Archimedes

    I love the hip, young feel of the Press. Believe it or not, they are selling out fast. Someone came in while I was there asking for a studio with a patio, and was told that the last one just sold out but he could have a studio without a patio.

    They are perfectly aligned for the capitol hill market. As far as the sellers know, not one child has moved into the Press condos. It is placed in an area where the target demographic (young, single people and couples) is expanding explosively. Prices will only go up from here. Great investment property. Expanding neighborhood. Highly recommended. Watch this one appreciate in the long term.