Close the Books on 2301 John

Posted by Dave Fratello on Tuesday, November 20th, 2012 at 3:08pm.

What would you pay for a not-big, not-small house on a nice corner lot in the Trees?

And what if it needed some updates to be fully realized?

How 'bout nearly $1.9m?

You can't call 2301 John (4br/3ba, 2600 sq. ft.) a "fixer," exactly, as it's nicely livable now.

But you have to look at it with some kind of vision. The midcentury modern floorplan flows nicely, but the kitchen and baths could use a little work to come into the current moment.

Heck, the outgoing owners bought this house 10 years ago with plans to scrape the house and start over, only to decide: Hey, we can make this work.

The location drove a frenzy this year.

As we noted in a post last week ("Two Other 'Auctions'"), the start price of $1.519m was "absolutely wiped out in a bidding war" that saw at least 15 parties bellying up. Probably some were willing to look at this as a lot sale in the 1.5s, before the madness took over.

Now this one has closed at $1.880m, exactly as we reported last week.

It you feel a sense of surprise, or shock, or disbelief, give thanks. You're normal. You have a pulse. You know that number is high for what the property is. It's not just shock over the 24% overbid.

2400 Palm just sold for $2.050m
We already pointed to the 2 most on-point comps in that post last week. They're 2400 Palm (4br/5ba, 3100 sq. ft.), a newer (2004) and classy architectural modern ($2.050m) and 1820 Palm (5br/3ba, 2450 sq. ft.), a very sharply redone 1970s house with a "Santa Barbara" flavor, which sold in late August for $1.900m.

Using either one as a measure, 2301 John is going to be much more costly to bring up to comparable condition.

Does anyone remember this sort of thing happening in 2008, 2009, 2010? Or even 2011?

Of course not. But that's been the trajectory of 2012. Especially on John Street.
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