Best Priced?

Posted by Dave Fratello on Thursday, May 14th, 2009 at 2:14am.

A mix of new and re-priced listings this week definitely contains some deals.

The question is: Which of the 5 listings we highlight below is the best priced of the bunch?

Please read the story below and vote in the poll. You may vote for 1 listing only. Please use the comments to explain your vote.

Poll closes Sunday night at 8pm, giving you a chance to see any of these homes that are open this weekend. (None, sadly, are on the Sophisticated Snoop tour.)
  • 621 Valley (3br/2ba, 1050 sq. ft.) was tired and crusty back when it was offered in early 2005. Reflecting that, it was priced to move, and someone paid $1.0m in May 2005 to get it. (That was not considered a lot of money back then.)
A paint job, a little sprucing up here and there, new appliances, and you've got a polished version of an older house on Valley.

Bonus: Connection to the 7th St. walkstreet. Hidden downside: Two bedrooms up, one down with a separate outdoor entrance. Now offered at $1.199m.
  • 3113 Maple (4br/4ba, 3200 sq. ft.) is a mid-90s build with some very cute touches, like the picket fence in the backyard with kids' playhouse and vine-covered back patio arbor. The charms could trigger an emotional reaction and make it a "must-have."
On the other hand, the location north of 31st isn't really "fabulous," and there is this bigger problem: New construction of comparable size is selling for less than the start price here of $1.849m.

Maple was acquired for $1.550m in Jan. 2004, so the sellers are thinking that a markup of $300k (+19%) doesn't sound so unreasonable 5 years later.
  • 121 42nd is a small (2br/2ba, 1075 sq. ft.), shabby bungalow in El Porto, but it's priced like that, starting at $859k. It's a shortie, so you'll have to work that price out with a bank.
Shocking, but true: Not so long ago, in early 2005, this property sold quickly, above asking. Start price: $1.260m. A week later, sold for: $1.345m (March 2005).

A full-price sale now would drop the value -$485k/-36% over 4 years.
  • 864 14th (3br/2ba, 1325 sq. ft.) is one of the snazziest little cottages in the Trees, with recent remodels that leave a nice kitchen, baths and a walk-in closet for the master (in a cottage!).
Lot is larger at 5,000 sq. ft. and the location is nice, provided you don't mind overlooking the soccer field below Pacific School.
This one begins at $1.125m, making it competitive with smaller 2404 Elm ($1.169m) and larger 1600 Elm ($1.339m) and 2613 Oak ($1.269m).
864 14th is also priced well below its July 2006 acquisition price of $1.417m. A full-price sale would put it down $292k/-21% over less than 3 years.
  • 444 33rd Place offers a small home (2br/2ba, 900 sq. ft.) on a full lot (2700 sq. ft.) oriented wide along the alley instead of deep with an alley frontage. The listing has been around for 10 months, the first 6 spent above $1m.
Three months ago the listing cut to $959k and it's now at $889k. They're calling it the "Best Buy in sand section." One thing we know: It's a better buy now than in Oct. 2005, when someone paid $1.260m.
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