$2.9m for New Construx in East MB

Posted by Dave Fratello on Tuesday, July 24th, 2012 at 6:05pm.

One of East MB's newest listings is seeking beach-adjacent type numbers.

1200 10th - computer sketch
That's 1200 10th, slated to be a new 5br/6ba, 4600 sq. ft. Cape Cod at some point in, roughly, 2013.

Asking price, pre-completion: $2.899m.

For East MB, on a standard 7500 sq. ft. lot.

To which you might say, "good luck with that," but for another – simultaneously posted – new East MB listing, which is already in escrow.

That'd be 1626 1st, comparably sized at 5br/5ba, 4950 sq. ft., which the same developer sold pre-construction, with a posted price while in escrow of $2.899m. (There's that number again.) It's also due to be finished in 2013. (There's that number again.)

Folks are betting on the future.

What about the past?

For context, there's just one sale of a comparably sized house on a comparably sized lot ever in East MB to eclipse either of these new offerings.

1622 Gates - $3.1m in June 2007
The eclipser: 1622 Gates (5br/6ba, 4850 sq. ft.), which sold new in June 2007 for $3.1m.

Well, someone has to mark out the peak.

There's little competition anywhere near $3m, but right about the same time as that $3.1m sale there was another at $2.830m (1602 6th), while late in 2006 there was another at $2.800m (1603 5th). Both of those $2.8-ish houses had 8600 sq. ft. corner lots.

So, if you were to say, today, "these $2.9m houses now in East Manhattan make me think of 2006," you'd be in the right territory. THAT was a crazy bubble year. And 2012?

1544 Voorhees
Previously, 1544 Voorhees scraped out a surprising height this year by hitting $2.6m for a larger (6br/6ba, 5135 sq. ft.) home on, again, a standard-sized East MB lot (7500 sq. ft.)

Why, just a month ago we said here at MBC:

[L]ast week's sale at Voorhees has just raised the bar, lifted the boats, bumped up the comps – however you want to say it.

It could be a bullish sign for East MB after a few years without sales in the mid-to-high 2's.
We did not believe, then, that new construction pushing $3m was right around the corner, but this has been a year of surprises, hasn't it?
comments powered by Disqus