Deals or No Deals?

Posted by Dave Fratello on Monday, March 30th, 2009 at 6:08pm.

Today we'll take a different approach to a pricing poll on several listings in the Tree Section.

Which, if any, of the current crop near $1.5m is a "deal?"

This is entirely subjective, of course. We'd define a "deal" roughly as a good price in today's market for what you get, not looking too far ahead as to whether that price will stand up next year or the year after.

Almost all of these properties have tradeoffs to consider, mainly suboptimal locations. But there are pluses, too, and they will gradually overtake the downsides as the prices get close to right.

Please research the properties listed here and vote in the poll. Support your position in the comments section here. We'll close the poll Thurs. night at 8pm.

Here are 6 properties currently listed within $50k of $1.5m. Are any of them "deals," or very close to being deals? You can vote for more than one.
  • 1816 Oak (4br/4ba, 3300 sq. ft.) has been a quiet presence in the local market for almost 90 days. It's part of a crop of similar homes put down in the late 80s/early 90s. We don't know how well updated. Location is on the "wrong" side of Oak, backing up to the hotel. Currently at $1.449m, just $439/PSF.
  • 1813 Pacific (4br/3ba, 2125 sq. ft.) is on its second round this year, having tried at $1.599m last year. It's a recently remodeled home with a very open first floor, attractive and sunny back yard and a bonus room out back as well. Now at $1.469m, and $689/PSF.
  • 1800 Poinsettia (3br/3ba, 2300 sq. ft.) was purchased in June 2004 for $1.320m. It's delightful, but the layout is imperfect and just 3br doesn't work for everyone. Just 2 doors down, much bigger 1728 Poinsettia (4br/3ba, almost 3500 sq. ft., nicely updated) sold in late February for $1.6m, just $459/PSF. The listing for 1800 Poinsettia began in early January at $1.579m, and has now trimmed to $1.499m, and $649/PSF.
  • 2300 Poinsettia (4br/3ba, 2050 sq. ft.) has been mentioned a few times at MBC, most recently in "Still Slow on Poinettia," which noted the home's "crisp and thorough update" since it was last on market in 2006. Purchased in Jan. 2007 for $1.269m, now at $1.499m, a price MBC said "may be getting toward where it needs to be." Price is high by the square foot, though, at $739/PSF.
  • 3210 Ardmore is a large (5br/4ba, 3500 sq. ft.), late-90s home touted as a "French Manor Estate." Large lot (6400 sq. ft.) in a triangle shape that unfortunately abuts Ardmore, but with a back yard that's nicely landscaped to create a hideaway. A comfy home that began in October at $1.949m and is down now to $1.525m, and $437/PSF.
  • 646 Rosecrans (4br/3ba, 2550 sq. ft.) is brand new – yes, a new home at $1.525m. Surprising. It is about 700 sq. ft. smaller than typical spec newbies in town, and the lot size (3650 sq. ft.) is 20% smaller, too, than you usually see. We haven't seen it, having really no interest in Rosecrans properties, but someone will get over that hump. Started at $1.9m last Summer, now at $598/PSF, near where bigger newbies are selling.
Again, remember you can vote for more than one property that you might find to be a good deal right now, all things considered.

If absolutely none of these homes seems priced competitively, there's an option to vote "No Deals."
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