Close the Books on 609 Valley

Posted by Dave Fratello on Tuesday, October 9th, 2012 at 4:09pm.

Continuing a sometime theme for 2012, here's another listing that just couldn't sell before – and now did.

That's 609 N. Valley (2br/3ba, 1670 sq. ft.) in the Sand Section, very much a custom remodel in a location that is among the busiest intersections in the South End.

This one has had a few past runs on the market: in 2008, 2009 and 2010, when it has been offered for as much as $1.449m and down to $1.127m.

This year it came out in May at $1.199m, more than its previous low, and only took one little cut in its public list price, to $1.174m, over the course of a 4-month listing.

Turns out, though, they were willing to deal. The final sale price, $1.070m, is more than $100k off the last list, 9% lower.

Total up the DOM on this property from 2008-present, you see well over a year in a few different kinds of markets. It would seem the sellers finally conceded that this was as good as it was going to get.

The sale price isn't much above the July 2005 acquisition price ($960k), when this was an utterly different house. Way-back-when, this was a typical, smallish 60s box with an exterior staircase up to the 2nd floor living spaces.

There was a major project after that – taking the house down to the studs, adding a third level, giving the place an overall Asian-modern, artsy, custom feeling. The home evokes "city living at the beach" as we put it here once, with its urban chic and South End location.

Stylish as it was, location and the lack of a true third bedroom made it a tough sell. In fact, the master is an open "loft" style room, with the kitchen and main living spaces right below, which is also not everyone's personal choice.

And to explain regarding location, this one has not just the traffic liability of Valley (easily recognized), but also traffic from the intersection (with stop) at 6th Place/6th St., which cuts through the greenbelt to the eastern, Hill Section side of Valley/Ardmore. That's a way out to Sepulveda for anyone west of Valley – walkstreet families in particular.

So there were any number of reasons this one was passed over, but here we are, it's 2012, and they've finally changed the names on title – and someone's gotten a decent deal on a hip new beach house.
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