A Beginning and An End on 31st

Posted by Dave Fratello on Thursday, September 2nd, 2010 at 4:12am.

On 2 separate parts of MB's 31st St. there are new deals.

One likely marks the end of a home, while the other deal marks a beginning.

First, the beginning: It's at 228 31st (4br/4ba, 3925 sq. ft.), a new modern on a sloping beach-adjacent walkstreet west of Highland.

Say what you will about the 100 blocks... the 200s climb higher up the hill and give you more blue.

The top-quality build debuted at $4.895m in mid-June while work was still under way. It cut to $4.395m in July, and was there when a deal was posted this week. 

The home certainly calls to mind a similar modern at 220 35th (4br/4ba, 4200 sq. ft.), which debuted in October 2008 at $5.5m (unofficially), $5.0m officially, and sold for $4.0m soon thereafter, closing in late December 2008. (See "Close the Books on 220 35th.")

We can't see property details on 35th on Redfin from here, for some reason, but there is a nice spread about the home on Luxury Life & Style if you click here and jump in their reader to pages 96-98.

We'll watch how the somewhat smaller 31st St. home fares this year against that $4.0m sale on 35th as one marker of where we stand today about 20 months later.

Also worth a note: A roughly similar modern in the 100 block in the South End (128 9th) sold for $4.9m in Nov. 2009.

Look further east now along 31st, and back in time.

Now, the ending: On one of our favorite Tree Section blocks, 31st St. under the canopy, a corner-lot offering has been tempting buyers for most of a year.

At 668 31st, they've made no bones about the condition of the late-40s-vintage existing house: "original," "owner will not make repairs," "as is and without warranty." They haven't quite called it a dirt sale, but they've acknowledged that it probably is.

After a start at $1.3m in October 2009, the price cut to $1.1m in January this year, and that was it.

We'd have thought a street-to-alley lot on 31st on the "better" side – the south side gets a garage on the downslope, meaning it doesn't have to impede on the living space – would have found lots of takers. And yet...

One issue is the size of the lot: 4200 sq. ft. on a slope is not a lot of space, nor an easy space to build on. The other issue is the apparent easement on the front corner at 31st for a big electrical box. Nobody wants a chunk like that taken out of their home design plans.

MBC asked back in January: "So how much longer can 668 31st last at $1.1m?"

The answer was, apparently, 7 more months.

Now, maybe it is the end for the current structure at 668 31st, but let's see if this is really the beginning for something better.
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