Close the Books on 128 18th

Posted by Dave Fratello on Monday, July 23rd, 2012 at 6:58pm.

The biggest spec construction sale of 2012 is now committed to history.

128 18th (5br/5ba, 4000 sq. ft.) is a new "tropical contemporary" in one of the best locations in town, period, given that 18th is probably the best of the teen streets west of Highland.

The sale wasn't quick – 5 months on market – and it didn't crack $6m, as had been the original ambition with a $6.1m start price.

The final price: $5.650m.

Most of the recent sales in the 100- and low-200-blocks are right in the same $5.6m-ish range:
  • 209 16th, pre-completion new construction, now in escrow with a list price of $5.6m; and 
There's also 121 9th, sold pre-completion in December 2010 for $5.6m, according to tax records. We have reported that sale on MBC at $6.2m based on developers' info (see "New High-Water Mark Near Downtown") regarding the value of some additional work/upgrades taken on by the buyer.

That's quite a series all coalescing around the same number, despite spanning slightly more than 4 years. 

Add one more to this mix: 128 5th, which sold earlier this year for $5.850m. (See "128 5th Closes Under $6m.") That one's slightly different, in that it was fully furnished and customized at very great cost, though never lived in. It hit the market at $6.799m this Spring. (See our review from late April.)

That one on 5th was a cousin, you could say, of 128 18th, in that both were built by the same developer in roughly similar styles. But 5th lacked flavor or pizzaz originally (it sold in May 2011 for $5.250m), and could not compete with the views from 18th. At 5th, the 2011 buyer's huge investment in customizing the house was truly necessary; at 18th, you can imagine being satisfied with a more limited investment in furnishing the modern beach house and just drinking in the beauty. Starting now.
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