Good Morning, El Porto!

Posted by Dave Fratello on Tuesday, August 24th, 2010 at 4:05am.

Suddenly, things are hopping in El Porto – whoops, El Norte – and it starts with a most unlikely headline:

The "Gateway to MB" has a buyer. 

It must have been the switch to "West" Highland that did it. (See "New Label for the 'Gateway.'")

Monday, the former speckie-turned-rental, recently touted as an investment property, finally posted a deal. This fairly new version of the listing (old pic here) for 4419 Highland had run just 2 weeks at $998k.

That was not so different from the Gateway's last price of $999k under a listing that began in March at $1.189m. (See "'Gateway' Returning?")

The first listing on the Gateway, a long, long 3 years ago, began at $1.695m.

Just a little further up Highland, there's also a buyer as of Monday for the recently renovated investment-property duplex at 233 42nd.  

The little dupe on a half-lot right on Highland has an attractive old-time style outside, freshened up this year, and a polished, current look inside after a complete re-do.

The offering debuted at $1.365m, in mid-June and was last at $1.299m.

We can't leave El Porto Norte yet, though, as there are 2 more sales (new escrows) to discuss.

High up 39th, a 60s box ready for updates at 224 39th (3br/3ba, 1535 sq. ft.) found a buyer in just over a month.

After a start in mid-July at $1.149m, 39th cut a tad to $1.099m and was there when buyers knocked.

Unlike the first 2 El Norte listings here, this one's off Highland by a couple doors, and on a steeper hill like 39th that can make a real difference. Parking's a plus, as is the prime advantage of any west-of-Highland address: steps to surf.

Finally, the attraction of a cheap short sale drew some buyers to 217 Seaview (3br/2ba, 1400 sq. ft.), mentioned only last week here on MBC as the "lease-option flop" that went short.

To recap: Before a big rebuild, the home was acquired for $954k in late 2004; would-be flip listings sought $1.3m-$1.6m for the redone home over time; the short-sale come-on price was $849k. Now we'll have to see what the lender has to say about all of this.

Since our post last week, the listing agent did get some actual photos of the property exterior into the listing, but none quite as good as MBC's cellphone pic (above) or the nice shot by the Daily Breeze, which appeared in the print version of our weekly South Bay Confidential column.

That's a pretty decent late-Summer rash of sales up north by MB's signature surf spot, clearing out the inventory pretty well, just in time for school to start and clear out the water some, too.
comments powered by Disqus