Flat Walkstreet Action

Posted by Dave Fratello on Thursday, June 3rd, 2010 at 4:03am.

It's still not easy to find a South End flat walkstreet property, but several have traded over the last year or so.

A new lot-value closed sale at 404 7th has just come in at $1.470m, firming up the notion that lots on family-friendly 7th are worth about $1.5m. (No pics for this dirt.)

In January, the corner lot at 7th/Ingleside (441 6th Place) also went for lot value at $1.5m. New construction is under way there already.

Both of the 7th St. lot sales look like deals – same buyer's agent in each case – if you hop over 2 blocks to 405 9th, another lot sale that went for $1.750m in late April. (See "9th Street Closings" – the Redfin link doesn't show the recent sale via MLS or public records, but MBC has re-confirmed the price via other public data.)

So that's the dirt.

Also in our 9th St. story was 432 9th (4br/3ba, 2650 sq. ft.), a sparkling remodel that turned heads when it closed for $2.720m – yes, more than $1,000/PSF east of Highland.

(That's the MLS-reported price; public records show $2.688m, or $32k less, surely explainable by some RE agent's concession in the final deal – why don't they just report the sale price, though?)

Recently a classic cottage at 517 5th (3br/2ba, 1475 sq. ft.) made a deal in its first weekend. So, yes, there's demand.

That one began at $1.699m, and if you think there was a big discount off list in a quick deal like that, well... wait and see.  Regarding the home, MBC wrote in a "Weekend Opens" post:

You don't get a lot of house for your money here. The bedrooms are all smallish and no one gets a dedicated bath. The common space could be a crunch, so you'll be pushing the kids outside.
What was for sale was the walkstreet lifestyle, as the sellers were well aware. They even put together a little collage with a few pics featuring activities on the family-friendly blocks and dropped them into the listing.

Also finding a buyer: 440 6th (6br/6ba, 4200 sq. ft.), the new Cape Cod at the corner with Ingleside. This one once had a deal near its start price of $4.495m (see "Newly Gone, South" from last August), but the buyers couldn't sell their other home and dropped out. Its most recent price was $1m less: $3.499m.

At this moment, your walkstreet options are limited again. There's 325 9th (5br/5ba, 3700 sq. ft.), a big, newer Cape Cod near the corner at Crest, still seeking $3.595m and over 110 DOM. Could be there's a price issue, do you think?

The toughest nut to crack on the walkstreets has to be 501 7th. The fairly large (4br/4ba, 3975 sq. ft.), 1990 build appears solid, but a wreck at the same time.

The layout is of a kind that MBC – a well-known walkstreet booster – tends to dislike. With two small "bedrooms" on the first level facing the front yard and the walkstreet, the home doesn't really connect to the action.

The "contemporary" design hasn't aged well and may need rethinking, not just an update.

501 7th began in early April at $2.540m, the sort of price you'd pay for a move-in house, but shifted within 2 weeks to its current level: $2.190m.

That's still $700k above the dirt sales nearby on the same block, and still a tough sell given the challenges the home presents.
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