Four more Tree Section sales have closed, and this time, half are not selling short or at a loss.
Rosiest of all: 607 23rd, getting
$1.015m for a cute little (3br/1ba, 1000 sq. ft.) 1950s cottage on a nearly full-size lot (4400 sq. ft.).
The land is the main asset here, but we keep seeing the little places go to…
Four more Tree Section sales have closed, and this time, half are not selling short or at a loss.
Rosiest of all: 607 23rd, getting
$1.015m for a cute little (3br/1ba, 1000 sq. ft.) 1950s cottage on a nearly full-size lot (4400 sq. ft.).
The land is the main asset here, but we keep seeing the little places go to buyers who just want in. The listing began at $1.225m in June, about 17% higher than it eventually closed.
Also doing fine:
758 29th boasts a bigger lot (4800 sq. ft.) in what most would call a better location. (23rd is quite near Blanche; 29th is on a quiet block ending at Laurel among mostly bigger, newer homes.)
Despite its pluses, 29th sold for
$875k, in part because that 2br/1ba, 600 sq. ft. home just isn't livable for almost any family. We'll call this a lot-value sale until shown otherwise.
2007 was a not a great time to buy: No one should be too surprised that a home purchased in March 2007 was down in value this year.
2613 Oak, ostensibly 4br – there are 4 spaces, but bedrooms? – with 2ba (but no real master bath) and 1775 sq. ft., was sweetly redone outside, mostly crisp and clean inside with some ragged edges here and there.
In 2007:
$1.385m.
In 2009:
$1.199m (-$186k/-13%). Big bank takes bath: The last one on this list was formally a short sale.
The bank with the stagecoach isn't notorious for risky lending like some other long-since-imploded institutions, but at
3210 Ardmore, the bank extended too much credit in 2005 and got bitten this year.
Though the owners had acquired the stately 5br/4ba, 3500 sq. ft. home for
$340k in 1998 (that's the same year as construction; we don't know if they bought it finished or not), they began to draw against its value in a large way in the bubble years. First it was a credit line that pushed the total debt (max) to
$1.2m in 2003. By July 2005, the stagecoach dropped in with
$1.680m.
Of course, we don't know why the owners needed the cash nor why the bank offered it, but we do know that just 4 years later, with a short sale at
$1.4m last week, the bank lost more than $300k due to its bubble thinking in 2005. Live and learn.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 4:45am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.