East MB Options Growing

Posted by Dave Fratello on Tuesday, September 11th, 2012 at 5:52pm.

This year has seen good homes all over MB sell pretty quickly, and East MB has seen a gradual uptick in prices for larger homes. There were a couple of years with almost nothing going over $2m, but the recovery seems to be bringing back the 2+ sale.

And yet.

Not everyone is selling immediately in East MB in the $2m range. Not at this time of year anyway.

We count 14 sales of livable, 3500+ sq. ft. homes between $1.7m-$2.150m so far this year, plus one at $2.6m (see "East MB Sale Crosses $2.5m").

Let's review what's on offer now.

1540 11th
1540 11th (5br/6ba, 4850 sq. ft.) is almost the newest listing we'll discuss here, just 15 DOM as we write, so we can't say it's lingering – just not gone yet.

This is a newer (2001) build, really big, and while familiar in most respects, it's got some pluses. (We reviewed it 2 weeks ago.) It's a full-size lot with a gorgeous, huge maple tree in back. Location near Manhattan Heights park may be viewed as a negative, on balance.

This one launched at $2.150m, notable given the extra square footage.

1342 8th
1342 8th (5br/6ba, 4400 sq. ft.) is not quite as huge as 11th but is priced higher at $2.250m.

Its location is definitely better than 11th, and the lot is somewhat above average size at 7900 sq. ft. – the 55 ft. width helps the layout feel just a little smidge airier.

The 1999 build shows well, a slightly different take on the common Mediterranean. You get a flat, sunny, south-facing back yard.

It's a good combination, but we're now into the 4th week on market here.

1331 Voorhees
1331 Voorhees (5br/4ba, 4150 sq. ft.) has a smaller lot (6300 sq. ft.) that's 60' wide with really no yard, but that house is officially completely different.

Style and custom details abound. They call the design "traditional," lacking another label, but it's anything but the usual for what you'd see in East MB.

Location along Voorhees is on a quiet block that could not be closer to Pennekamp elementary (nice).

1331 Voorhees sold new (and comparably blank inside) in July 2006 for $2.025m, began in mid-August at $2.150m and is now down to $2.075m with 27 DOM.

1250 5th
1210 5th (5br/5ba, 5175 sq. ft.) should have its own category, really – it's truly huge, the lot is huge, and it's on an exclusive, private drive that's one of the truly special pockets of East MB.

This one's officially lingering already at 95 DOM and counting.

No huge surprise, because the $2.650m list price is just the starting point for a buyer. The early-90s Spanish needs a lot of updating, and in 5000+ square feet, it gets hard to calculate all that work. 

This is one where you want to ask: What's it worth when modernized?

Numbers that make you say huh?!? The listing shows the lot at 8,500 sq. ft. in the official details, but the writeup says it's 10,500. Wouldn't it be good to resolve this ~25% discrepancy?

1450 5th
By contrast, 1450 5th (5br/6ba, 4300 sq. ft.) is smashingly updated and needs nothing. It might linger, though, due to price, which began very ambitiously last week at $2.599m.

Still, this one is, hands-down, THE class entry among East MB offerings right now, so it's no wonder they're pushing for extra.

The 2001 home is utterly recognizable as part of the last wave of Mediterranean spec homes in East MB, in terms of basic layout and exterior look. Its last 2 sales were in 2004 ($2.160m) and March 2011 (!) at $2.070m.

But the newest owner went to work and really tricked out the place over the past year-plus. The kitchen is super-sharp (if formal), new black-stained wood flooring upstairs gives the house a look of pure glamor, and the back yard has been outfitted like a 5-star resort, with great pool and spa plus outdoor living space. It's a startling update for this home, which is on a pretty great, flat block.

Why do all this updating and put it back out to the public? Only to get that huge number? We're not clear on the motivation or the market for this high-level remodel, but it's one to watch.

1836 6th
1836 6th (5br/5ba, 4050 sq. ft.) is in its 4th month on market, the longest of all we're discussing here, which is really about that 1800+ address and not the house, which we called "a surpassingly gorgeous Spanish" back in June.

They posted a deal last week but it didn't stick. 1836 6th is back on market at $1.899m

1836 6th sold back in 2005, pre-completion, for $2.175m.

That's it among the actives for now, 6 in total against the 14 sales, but it's also worth mentioning one more.

1540 10th
1540 10th (6br/5ba, 4770 sq. ft.) is huge and newer (2002) Spanish on a full-size lot (7500 sq. ft.) that began in May at $2.450m, came down to $2.289m and then went off-market. (Here's our review from May.)

That near-$2.3m final price was meant to reflect the quality and plus-plus size. It had sold previously in 2006 for $2.603m.

This one didn't hit the $2.3m number, though. It leased out instead.

We'll catch up again on these later in the Fall.
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