Buyers Raid Trees

Posted by Dave Fratello on Wednesday, May 19th, 2010 at 3:42pm.

For a while there, if there was a pattern emerging in the Tree Section, it was a steady buildup of inventory priced at $1.5m and above.

Now, in the course of about a month, several higher-dollar listings – old and new – have been snapped up by buyers, many of them priced above $2m:
  • 3011 Elm (5br/5ba, 3600 sq. ft.) made a splash earlier this month, selling in its first day on market, after listing at $2.495m (down $150k from a 2007 acquisition); 
  • 737 35th (pictured) (5br/5ba, 3875 sq. ft.) might not have made as much news, but it sold within 2 DOM when listed at $1.999m – that's a big, newer (2004) house mid-block on 35th near the dead-end of Agnes;
  • 3201 Poinsettia (5br/4ba, 3300 sq. ft.) is a late-90s Mediterranean with some updates and a big, open floorplan. It debuted at $1.679m and lasted about 6 weeks;
  • 728 26th (5br/5ba, 4700 sq. ft.) is a big corner-lot home north of Valley, probably needing a little work to be fully updated – last at $2.499m, got a buyer after 385 DOM;
  • 848 14th (5br/5ba, 3500 sq. ft.) is a new (as of 2009) home, rather stony, near Pacific School's dropoff line – last at $2.295m, success after 606 DOM;
  • 645 12th (5br/5ba, 4875 sq. ft) was also new as of 2009 and long in the tooth as a listing at 596 DOM, but after $1m+ in price cuts from $4.499m to $3.395m, they found a deal;  
  • 592 31st (pictured) is a big (5br/5ba, 3750 sq. ft.), newer custom home near the Sand Dune. Though luxe, it began too high at $2.799m – a deal came right after a cut to $2.599m
  • 768 31st (5br/5ba, 5200 sq. ft.) is a big new Craftsman on a large (6500 sq. ft. ) lot on one of MBC's favorite Tree Section blocks – began at $3.775m, last at $3.499m;
  • 529 18th (5br/5ba, 5600 sq. ft.) is a huge newer home near the badminton club, logging 612 DOM by MBC's count (that's 3 in this list near 600 DOM) after a start at $4.279m and more recent pricing at $3.399m; and
  • 1144 Highview (3br/4ba, 2800 sq. ft.) is a newer modern that was coded as "Sand Section" owing to its position in the oft-confusing south Martyrs area – this one lasted about a month at $1.995m.
That's a pretty thorough mix of old and new listings. All but a few were priced over $2m.

Tally up the last list prices on this selection of 10 recent escrows and you get: $25,854,000. Quite nearly $26 million.

That's an enormous influx of new buyer money coming into the Trees and pushing down inventory. There are only 4 listings in the Trees above $2m now:

  • 644 17th (pictured) (5br/5ba, 5400 sq. ft.), an outstanding Spanish on one of the Martyrs area's premier blocks, hanging around a bit at $3.450m for 30 days thus far;
  • 3001 Agnes (5br/5ba, 4400 sq. ft.), a sweet Spanish on an oversize corner lot at 31st, just a week into a listing starting at $2.895m;
  • 3212 Maple (5br/4ba, 3450 sq. ft.), a nearly new (2007) Mediterranean that's marked down a bit from its June 2007 acquisition price of $2.5m, now at $2.350m and more than 60 DOM (ignoring the recent re-list); and
  • 616 29th (4br/4ba, 3350 sq. ft.), a newer Craftsman purchased for $2.425m in Aug. 2005 but missing its owners, who left the area. Now at $2.199m and over 100 DOM.
It's been a busy Spring in the Trees. So, how long before buyers come in and clear out this limited inventory?
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