4+ in MB

Posted by Dave Fratello on Tuesday, October 11th, 2011 at 4:14am.

Last week we offered the fanciful observation that MB has a current listing that has dropped under $400k. It's queued up to be the first sub-$400k sale since an REO in 2008. The last $400k SFR sale was a lot sale in East MB in 2002.

But now let's look at another end of the spectrum. MB has seen a surprising number of sales this year with a 4 in front – but with an extra digit... sale prices above $4m.

We count 6 this year in the $4m-$5m range. Here they are:

401 2nd (5br/6ba, 5380 sq. ft.) is the most recent of the 4+ sales this year, and one of the most unusual and luxe homes in the South End of the Sand Section.

First, you have to see that interior square footage again – 5380!?!

Take note, also, that this is not on a flat walkstreet, nor is it anywhere close to the beach. (A short walk, to be fair, and some peeks from the upper level, but this is no beach-close home by most definitions.)

There are just 2 stories fully above ground, but the downstairs/basement level gets its own light and is very much part of the house. That's where you get some of the extra square footage on this larger 3300 sq. ft. lot.

The home has an across-the-board classic feel, extremely high quality, with echoes spanning a few styles. The listing calls it "European," but we felt bits of true luxe Mediterranean, old-time American Colonial and French chateau. It never fails to be appropriately beachy and bright, adding a Hamptons accent.

Whatever you call it, this is a singular achievement, and it proved to be a must-have when it was offered in July. There were 2 immediate offers – the listing officially tolled 4 DOM – and it was a minor bidding war. Actually, war was averted: One buyer offered $4.150m against a $3.999m asking price, and that was that. The deal closed a couple of weeks ago.

Worth noting: This one actually oversold its 2007 acquisition price. That's crazy talk, right? April 2007: $3.930m. Now: +220k/+6%. Wow.

125 2nd (4br/5ba, 3975 sq. ft.) is a late-90s modern that certainly has location going for it.

The quiet South End, west of Manhattan Ave. 100 block. Yum.

The listing logged a year on market from March-March 2009-2010 without a bite, asking $4.999m then. (Can we call that 5m?)

Returning in July 2010, it ran another 8 months before settling out at $4.2m in April this year.

600 John is a 10,000 sq. ft. corner lot in the Hill Section with big, big ocean views.

Everyone figured this one for a lot sale, but sometimes everyone is wrong.

The folks who paid $4.3m for the property are now happily retooling the one-story 50s house and preserving a large yard.

Big-time, max-use development? Some day, later. (See "Work in the Hills.")

114 N. Poinsettia (5br/6ba, 6400 sq. ft., including basement) is a custom, ocean-view "Andalucian" that made several appearances on MBC over the years as the sellers tried to find the market.

Turns out, the sale that finally posted in early May was for $4.460m – all cash.

The listing came out at $7.750m in May 2008. So it needed some slight adjustments. (See "Andalucian Goes Far South.")

222 17th (5br/4ba, 4275 sq. ft.) is a massive remodel of a home on one of the great west-of-Highland walkstreets in the teens. It sold in July for $4.653m.

The remodeling project was to keep the basic 4 walls of a dated property together but deliver a 21st-century modern home at the end. (A slideshow of the listing pics with music is online here.)

Unfortunately, the basic layout was never fixed, so the 5br home was really a 3br home with 2 extra quasi-bedrooms and lots of tricked-out, genius elements.

The folks who did the remodel bought this property at about the market peak in March 2007 for $3.7m before undertaking their massive project. A sale at $4.65m could not have paid for the work.

204 16th (4br/5ba, 4300 sq. ft.) set the high-water mark for recent, publicly reported sales in the teen walkstreets west of Highland with a recent trade at $4.7m.

The newer (2007) Mediterranean home has a heavy, serious, luxurious feel, great ocean views from the living room in back, and very decent views down the walkstreet in front as well. (An online slideshow is here.)

It's a really good answer to "what can you get for under $5m near the beach?" That's also a fun question to ask.



533 15th (6br/6ba, 5300 sq. ft.) is the answer to a different question: What's the best home I can get in MB for under $5m?

MBC is regularly drawn into superlatives on this home, recently calling it "simply one of the greatest homes in MB," and also suggesting that it "could give a pulse to a dead man [or] bring songs to the lips of a cynic." We have further called it "a monster, must-have house."

Martyrs hill, a big lot (7700 sq. ft.), a crisp, classic Cape Cod with ocean views and tons of common space – plus some quirky joys. Yes.

No wonder someone paid $4.7m for this one.

There's been some tut-tutting among agents (confidentially, of course) that it's a crazy price, but this is what happens with must-have properties, isn't it?

There are 5 actives in MB now between $4m-$5m, but will any of them settle out in that range?
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