And a Sand Overbid

Posted by Dave Fratello on Wednesday, June 29th, 2011 at 4:27am.

We've been waiting a while to see what 3120 Alma might fetch.

You may recall that this is a larger-than-normal, 3500-sq.-ft-. corner lot with ocean views. (See our late-May review.) The little 1920s Spanish on site really has no chance of survival.

The listing launched at $1.495m, and, wow, was $1.5m for dirt really possible?

Possible on Alma, where, if you don't drive carefully, your rear-view mirrors might get knocked off by one "for sale" sign or another?

Oh, yes, 1.5 was possible.

Alma closed Tuesday for $1.560m. Another overbid.

It's a very bullish sign for the neighborhood.

Look all around Alma, both sides, up at the crest of the hill with good ocean views on both sides of the street, and you see an amazing mishmash of properties. Some are ancient, some are newer, there are duplexes and THs, sharp moderns... little rhyme or reason on a long block of densely packed development.

But $1.5m+ for a lot tells you something about Alma's future. Adios to the old stuff. The money is coming.

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Not an overbid, but an impressive sale on Alma: 2315 Alma (double lot) and adjoining 319 23rd Place (single lot) sold together 2 weeks ago. The combined asking prices approached $4.4m. In this blog post, Dan O'Connor says multiple offers came in and the 3 lots were sold to one party.

The final, combined sale price: $4.031m.
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