One Less Holdover in Fern Hill
What characterizes a weakening housing market?
Currently “For Sale” properties linger inordinately, creating a backlog that undercuts pricing for successive, new listings.
What characterizes a firming market?
Long-time, “carryover” listings get absorbed, tightening supply and setting the stage for more aggressive listing prices prospectively.
Category #2: Exhibit A
You don’t see many, better examples of the latter category than 2524 Monterey, in St. Louis Park’s Fern Hill neighborhood (pictured above).
After more than four(!) years of market time and eight(!) price reductions (from an original asking price of $1.23 million), the home just went pending.
Most recent asking price: $839k (vs. tax assessed value of $956k).
Next steps: 1) clearing any financing/appraising hurdles; 2) closing (in a month); then, at least very likely . . . 3) the remodel! (also good for the neighborhood and real estate prices generally).
