Another Spanish SalePosted on Monday, May 9th, 2011 at 5:30pm.
1305 Church (4br/4ba, 3100 sq. ft.) is a custom-built beauty that we said, in a "Weekend Opens" review last September, had a "very European flavor all around."
If you look at the interior square footage, it's at the low end for a newer home in the Trees, but the 3-story design maximizes every square inch – nothing extra, nothing wasted.
The lot size would have been the bigger concern for most buyers – 3125 sq. ft. is a veritable postage stamp in the Trees, and half the size some Martyrs-area lots just to the north, with the main liability being no yard – just an al fresco patio off the kitchen.
You had to view it is an out-of-place Sand Section house, rather than a Tree/Martyrs home. By that standard it's grand.
The sellers had to vastly reduce their ambitions to make this deal work. 1305 Church launched at $2.200m last August, sliced 10% in September and changed agents in October.
Once the deal came in, at $1.825m, it was down a further 8%, or 17% overall (-$375k).
Look back to when the lot was acquired, for $1.125m in Nov. 2005, and you're led to speculate on whether this particular sale was profitable or not. The math's easy at first – $700k separates the lot purchase and the recent sale. Now take out an estimated $91k for 5% commissions. Ignoring all other costs, we're down to $200/PSF to build the home... uh-oh.
Looks like the money was made on a 2005 lot flip. Then, a would-be developer grabbed it for $985k, only to sell a few minutes later for that $1.125m price. (The MLS records don't agree with these public-records sale prices we're mentioning.)
Profit or no, the home's a wonderful contribution to the neighborhood, one we called "brilliantly authentic" with its attention to detail. Maybe a contribution in more ways than one.
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