Alexander Clark Real Estate

‘The Front Steps’: Meet the Richmond’s Oldest Home Listing

There are a lot of ways to make your listing stand out, but there’s only one that neither the seller nor the realtor can achieve all on their own: longevity.

The #B unit at 340 25th Avenue is a three bed, three bath condo listed a year ago for the ambitious sum of $2.95 million, billed as a “stunning penthouse residence.” Note that the word “penthouse” can mean a lot of different things in the housing game, but in this case it translates to a) relatively big, and b) on the top floor.

When we say this place listed last year, we’re not speaking figuratively in any sense: 340 25th Avenue #B hit the market in January of 2021–January 25th, to be precise, making it the oldest home listing in the Richmond right now and one of the oldest in the city.

At the time, two other units in the same building (it’s a triplex) came on the market and also hung out for almost as long, but those two offers expired on New Year’s Eve, leaving the penthouse as the last one standing, at least for the time being.

Previously this place was a rental property; the last recorded sale was in 2015 for $1.9 million, but that was for the entire building, after which they remodeled or a sleeker, more modern-facing design and went hunting for buyers, evidently without success, at least thus far.

(For the record, note that this condo spent a significant portion of last year “on hold”–meaning that it was not publicly listed but also not quite cancelled), so its number of days on the market is actually less than the time elapsed since its first offering.)

There are lots of reasons why homes go unsold for significant periods of time, even in hot markets; we don’t spend a lot of time sitting around and speculating about why it happens–because speculation and a quarter together are still worth just 25 cents toward your down payment.

But few homes stay listed quite this long, because many buyers and agents are superstitious about sitting on an “old” listing and believe (usually correctly) that cancelling and returning to the market in a few months or even a few weeks will attract fresh attention.

Normally if a home lingers for a year or more it’s a big money property (those seeking eight figures, or close to it), the kind of homes that expect to hang out longer simply because there are on average fewer buyers who can even contemplate such a purchase.

A more modest property flouting SF industry conventions for 12 months is more unusual and, yes, actually impressive in its way. It’s not unheard of–just unusual, as evidenced by the fact that no other Richmond home did it last year.

So a happy anniversary to this hopeful home–and to any buyer who might come along and break its streak.

Industry leaders in real estate marketing, market data, gossip, and news…theFrontSteps.com

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