A Look at October's Sales, Part IIPosted on Tuesday, November 15th, 2011 at 5:30pm.
One quick update, first, on the "cheap dirt trade" we mentioned then at 1021 33rd, a west-of-Sepulveda lot that just went for $680k. It's a big (7050 sq. ft.) and triangular lot perched above the greenbelt right where Ardmore becomes 33rd St. and heads to Sepulveda.
We said last week that it wasn't certain that this would become new construction. Now it is – the old home is scraped and a new project is under way, just like that.
We continue our look at other sales from October in price order below.
608 29th (4br/4ba, 3070 sq. ft.) is a home we frankly called "flawed," but one with a good amount of space, a great location and a yard all going for it.
In "Making Upside-Down Work," we discussed the reasons for the property's fall from a start at $1.775m – which seemed "not crazy" in August – to its close at $1.630m. On balance, a decent deal. For the buyers, you hope they have baked in the potential discount they'll have to give on resale, too.
456 21st St. (3br/4ba, 3325 sq. ft.) is a custom-built Caliterranean overlooking the baseball fields at Live Oak Park. It was on "The Distress List" in July, and has been around, off and on, much of the year.
Somewhere between a start at $2.8m (a rescue price?) and the slip/slide to a sale at $1.975m, the offering became a short sale, which is how it wrapped up.
420 34th (5br/4ba, 4100 sq. ft.) is an SFR despite the TH look from the front.
A 1990 original with some updates, the home could still use a refresher.
Big ocean views in the Sand, a big home, and $499/PSF – that's compelling.
Remember the median PPSF in the Sand Section for Q1-Q3 this year was substantially higher: $780/PSF.
Closed price at 420 34th: $2.044m.
3104 Maple (5br/4ba, 3350 sq. ft.), a snazzy Spanish speckie, was new 4 years ago, selling for $2.490m at a peak time in the local market (June 2007).
Imagine that: $2.5m north of Valley, closer to Rosecrans than not. A nice little block, though.
A comparable home nearby, 3212 Maple (5br/4ba, 3440 sq. ft.), originally built and sold the same year (2007), resold in Dec. 2010 for $2.100m – down 16% from acquisition. So how would 3104 fare?
How about $2.051m? That's a drop of 18% from 2007.
605 33rd (5br/5ba, 3750 sq. ft.), an off-market sale that posted in early October at $2.475m, just $40k below the March 2007 sale at $2.515m.
Imagine that: $2.5m north of Valley, closer to Rosecrans than not, on a nice little block – in 2011.
As we noted with some astonishment in "-1% Since '07?" the total decline from peak was 1.6%. One-point-six, not sixteen.
It's still the priciest Tree Section resale of 2011 among homes of comparable size.
321 7th (5br/4ba, 3625 sq. ft.) is an early-90s home with some updates, a decent family-friendly layout – we thought, though we've heard from detractors – and a kitchen/great room opening out to the front yard and walkstreet.
The home traded twice, quickly, in the bubble years – $2.6m in Sept. 2005 and $2.490m in Feb. 2006. This year, it came out at $2.695m, looking something like a relative deal compared to other (limited) inventory on the flat walkstreets, but it lingered.
The sale price after almost 6 months of market exposure: $2.525m, essentially flat to early 2006.
320 32nd (5br/4ba, 4300 sq. ft.) is a huge, ornate Mediterranean with big ocean views from a walkstreet location up and away from Highland Ave.
The home was built in 2000 and remains fresh and classic in feel.
From the home, it's a short walk to MB's "second downtown" and a quiet section of beach.
This one sold in mid-October for $2.7m, quite a step up from the slightly older home further up 34th.
2504 The Strand, another example of overpriced Strand properties this year that have fallen more than anyone probably expected once they finally found their level. (For more, see "Another Strand Flop.")
The property actually has 2 separate structures – the front unit which you see here, and a 1br/1ba rental unit in the rear that dates way back, perhaps to the mid-1950s construction.
2504 The Strand began at $7.190m in March, and 5+ months later it was down to under $6m. The new closed sale price: $5.150m, more than $800k off the last asking price.
Did you notice that the Hill Section was absent from this list? There's one sale from late September up there that we still need to get around to discussing here. Soon.
As of now, there are just 5 closed sales so far in November among SFRs in all of MB, with 38 pending transactions.
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