Double Deal

Posted by Dave Fratello on Monday, April 20th, 2009 at 6:07pm.

With a new cut Monday morning, the double-lot at 2900 Maple looks like the best deal on dirt in MB.

The bucks are still many – $1.749m to be exact – but that will net you dirt equivalent to 2 full-size lots (2 x 4640 sq. ft.) with an aging rancher on the property. (The pool looks inviting this week.)

A local spec builder grabbed 2900 Maple for $2.555m in Feb. 2007, clearly intending to split the lot for 2 new cookie cutters. (Price paid was equal to $1.277m per lot after a split.)

Now, 2 years later, the new price is a drop of $806k (-32%) from that height. No wonder, then, that this is now posted as a short sale.

The most recent, comparable lot transaction we saw in the Trees was at 1900 Laurel, a plus location offering a larger-than-normal 6000 sq. ft. lot and a corner. That went for $1.25m in January. Also, 1205 Walnut, a 1.5-size lot (6700 sq. ft.) too close to MBB, closed for $985k in late March.

2900 Maple is north of Valley but otherwise counts as a decent location, midblock on a quiet street. With a couple more slices off the $1.7m range, it might even be a nice acquisition as a fixer. Imagine a sensibly sized home (3br/3ba, 2250 sq. ft.) with more than enough back yard – that's rare in the Trees after all the redevelopment of the past decade.
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