Wednesday, May 22nd, 2013
The recent sale of 1804 Agnes serves as a reminder that finding a lot for a custom build is getting costlier by the day.
You can definitely say this flat lot at Agnes on a sleepy street boasts a prime location.
However, the 4780 sq. ft. lot size is average, and the backyard exposure will be to the east – less sunny in the afternoon – so we're not looking at pluses on every front.
So the sale price, after multiple bids, at $1.700M, is a wake-up call.
Wasn't it just last year that 1805 John shocked onlookers (and the 19 losing bidders) with a $1.352M sale?
But that lot was a tad bigger (5065 sq. ft.) and with western exposure on the back. About the only major liability of the lot was (is) the giant eucalyptus in the front yard, which apparently the city…
Monday, May 20th, 2013
Ready for another shocking overbid? Or maybe we don't get "shocked" anymore?
725 12th (3br/2ba, 1325 sq. ft.) is a nearly perfect little beach cottage inside, in a location that affords a quick walk to downtown, church and elementary school.
We said in our review:
It's a great example of the most you can do to a little 1950s cottage. Wide open, high ceilings in the great room, a modern kitchen – with marble, not granite – and attractive baths.
Those "must have" qualities sparked a bidding war when the home came out in April at $1.399M. Multiple multiples again.
What would happen?
First, look back. The same property had traded in very nice condition in 2008 at $1.187M, after a start at $1.400 and 100+ DOM.
But that was 5 years and a different…
Sunday, May 19th, 2013
We've got inventory at 55 now, heading toward Memorial Day weekend. We sense that the old rule about inventory dropping, and sales activity slowing, in June won't quite bear out this year. We're thinking Summer will be busier than expected. But still, this can be viewed as the last week of the Spring market.
468 34th (4br/5ba, 3525 sq. ft.) is Dave's new listing up on the plateau. Of course we think it's great, but we don't purport to offer "neutral" reviews of our own listings. So here's the official description, and here's hoping you'll come by…
Friday, May 17th, 2013
The biggest news in local real estate right now might be this weekend's Sophisticated Snoop tour. It's the 40th year, and your chance to see the triple-lot house on The Strand, as well as 4 other great homes.
True facts we just learned about the triple-lot house (212 The Strand):
- They call it "Beachwood"
- They cite influences including "the Caribbean, the American East Coast and the Far East"
- Materials used include flooring "rumored to be from Napoleon's stables"
- According to the Snoop flyer, there is an "underwater grotto"
This year's selection of homes offer a great reason to part with $35 this weekend. Tickets are available from several downtown stores if you missed the chance at presale. Check it out.
In other news, it's time for one of our…
Thursday, May 16th, 2013
It was almost 2 months ago that one of the more amazing Spring bidding wars broke out.
That was at 1312 Walnut (3br/3ba, 2100 sq. ft.) a remodeled (and added-onto) 1950s cottage in a nice location on a corner near the elementary school.
This one launched at $1.599M, which seemed clearly to be pushing the limit for the property.
After multiple-multiple bidders came in, it went 10% higher.
The newly closed sale price: $1.760M.
We had said shortly after the deal posted: "[T]he sale price here will simply shock you when it closes. Imagine what's the most you'd think it could go for. Then add. Then a little more. Wow."
We can still say that pretty comfortably about $1.760M, but word is they had an even higher bid in place at one time. (All over…
Wednesday, May 15th, 2013
It was just 2 weeks ago that there were no listings in the Hill Section. Zero.
The Hills always run the lowest inventory in town, but zero – well, you can't get lower.
Now, a mix of new options has brought inventory to a whopping 7. Hey, it's a start.
And some options "look like" the Hill Section, offering the sorts of grand estates you'd expect to see.
The newest and grandest is clearly 620 8th St. (6br/7ba, 7250 sq. ft.), a Hill Section estate if there is one. (They've even named it, "La Belle Vue Estate.")
Built into a gently downsloping hillside, the home looks relatively modest from the front on 8th, but it goes back and back, and down and down, with 3 levels in total. (We almost missed the media room and 6th bedroom on the lowest level.)…
Monday, May 13th, 2013
They've just closed an above-asking deal at 2417 Crest (3br/4ba, 2300 sq. ft.), a rear-unit TH with great ocean views.
This is a bigger-than-standard TH at 2300 sq. ft., and they sought a bigger-than-standard $1,090/PSF when they first put a sticker on the home.
But those views, and the distinctive stlying, brought many suitors. And when that happens, prices jump.
In this case, from $2.499M to $2.575M, with an enhanced PPSF of $1,123/PSF.
This home, a 2002 build, got a thorough re-do with panache in 2009, and it's got several signature elements that stick with you.
Two unique features jump out: The long (14' long) built-in, modern dining table stretching from the kitchen – a bold statement that defines the home as an entertaining space.
Saturday, May 11th, 2013
Moms don't ask much, but they do like to get a little respect. And maybe a rose, or a nice brunch.
So this weekend we do our best to say "thanks," and typically the open-house caravan is shut down for Sunday. (What if mom wants to look at houses for kicks? There are some opens, after all.)
So focus your tours on Saturday, and focus on mom Sunday.
Modest little 1150 Keats (3br/2ba, 1275 sq. ft.) could be the must-see property of the weekend, simply because it presents an affordable entry-level option, is somewhat updated and conventional enough to draw…
Thursday, May 9th, 2013
To say that 217 9th St. has been offered for sale for a long time might miss the point.
It came to market in February 2012, hoping to strike while last Spring's market was just starting to heat up.
But at $3M, this little 3br/3ba, 1700-odd sq. ft. modern on a half lot did not look like a deal. It began at $1,701/PSF, much higher than you'd find on The Strand.
The listing limped through Summer last year and only made a big, bold cut when a new agent took over in October.
That cut dropped the asking to $2.500M. Still steep.
Another 6 months passed, but now the little modern city house has closed for $2.250M. Officially, 309 DOM tolled for the property from Feb. 2012 through April this year.
Sure, that sale was 24% off the start price, but what does…
Wednesday, May 8th, 2013
Sometimes it's great to be able to look back at a property's history not just with a couple of data points, but a few blog posts.
Such is the case with 511 Pacific (5br/9ba, and, yes 7960 sq. ft.), newly offered in the Hill Section, but with a track record on MBC.
This is a 2008 build that shot out of the blocks (in its framing stages) in May 2007, asking $8.150M.
It was back for a little stretch of 2008 at $8.0M, and for a long stretch of 2009 in the $6M range.
The listing was on and off for 2010 in the 5's, and the new home finally sold in July 2010 for $5.250M.
Lessons: Launching a huge, totally unique megahome while a financial crisis explodes is... tough. Also, there are lots of challenges, beyond timing, when building new.
Here we are now, 6…