3rd Overbid of '12 a Small MarkupPosted on Monday, March 26th, 2012 at 11:02pm.
759 27th (4br/3ba, 3300 sq. ft.) is the latest to close, the third overbid sale of 2012, and here the existence of multiple offers led to just a $10k increase from the asking price.
A sale at $1.589m still looks downright non-crazy in a year that's got buyers feeling nervous and sellers ever so tentatively asking: Is this our game again?
You may recall when 759 27th debuted in January, nearly occupying the field alone for Tree Section buyers wanting 4+br, 3000 sq. ft. and a good location. We said in our review at the time that this one "checks a lot of boxes, with a very modern kitchen and master bath, a pretty nice location with a sense of open space, plus some views."
Though the home is upgraded, especially in the kitchen and master (bath is a stunner), there were factors limiting the home's appeal. The split-level layout (very 80s) and smallish, isolated kitchen stand out; the rear yard is really a patio that's going to be in shade most of the time. And that exterior could use a facelift some day as well. Of these, layout and yard are the hardest to fix.
The closed sale at 759 27th remains right in line with 2 neighboring sales:
- 608 29th (4br/4ba, 3070 sq. ft.), a bit smaller, boasting a superior location and great yard, but an upside-down layout that was far more of a challenge – it sold for $1.630m in late October last year. (See "Making Upside-Down Work.")
- 2509 Laurel (4br/3ba, 3650 sq. ft.), obviously bigger, but no yard, and though it's a neighbor just a 2-minute walk away from 27th, definitely suffering by comparison in location, since the Laurel property is just off Valley. Laurel sold for $1.575m without the plus-plus updates you see at 759 27th. (See "Close the Books on 2509 Laurel.")
- 303 Larsson (3br/2ba, 1800 sq. ft.), nicely upgraded, came up at $1.0m, but closed at $1.1m (+$100k).
- 307 Larsson (3br/1ba, 1200 sq. ft.), tiny and original, started at $830k and went for $885k (+$55k).
- Late last year, it was a big, newer home at 800 19th (at Pacific), going from a $1.899m start to a $1.952m close (+$53k) with at least 7 offers;
- Recently, 704 Marine drew several bids when priced at $1.299m (see "Multiples on Marine");
- 1805 John, likely a lot sale, had at least 20 bids before one was accepted; it will definitely go well above the $1.1m start. (We'll publish MBC readers' projections soon.)
That's still a seller's market, if not one that's necessarily rocketing up yet.
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