From 'dozer to domicile in 5 months?
That's what they're promising at
2516 Pine, the first of 2 spec homes going up right now on the former double-lot at 2600 Pine.
It's the first of 5 new homes under way that we called the "Speedy Speckies" in a post just a few weeks ago. We were amazed by the rapid progress on…
From 'dozer to domicile in 5 months?
That's what they're promising at
2516 Pine, the first of 2 spec homes going up right now on the former double-lot at 2600 Pine.
It's the first of 5 new homes under way that we called the "Speedy Speckies" in
a post just a few weeks ago. We were amazed by the rapid progress on all of these homes shortly after escrows closed on nearly simultaneous land deals.
This sketch is our first look at the expected end product. The listing promises 5br and 4.5ba, and while square footage isn't yet listed, you'd expect 3100-3250 sq. ft. or so.
Start price:
$2.199m. They estimate completion in 90 days.
It's hard to compare these to any other new construction sales today because, well, there aren't any.
One comparison – if not a formal comp – that pops up is one of the last examples of this builder's work to sell in the Trees:
1901 Poinsettia (5br/5ba, 3200 sq. ft.), which sold for exactly
$2.0m in March 2008.
Poinsettia launched at $2.499m in Aug. 2007, but the market was beginning to collapse by then and it was clearly overpriced. Chops began in Sept. 2007, and the listing for Poinsettia was at $2.179m by December and $1.999m in mid-January 2008.
There's a note in the old listing saying, "
Show your buyers willing to make full price offers! This price is FIRM" We're going to guess that note applied to the $1.999m price, and not the 6 different offering prices before that. A buyer knocked a month later and took it for full price, as instructed.
Looking back now to 2516 Pine, remember that the double lot went for $1.6m, so individual lots were valued at $800k. Between that $800k and a $2.2m offering price, there may be some,
er, flexibility – there's a lot of profit built in. No doubt, these speckies will be fascinating to watch.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 5:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.