MB Market Update for 10/31/08, Pt. 2

Posted by Dave Fratello on Thursday, November 6th, 2008 at 12:15am.

OK, time to get local again.

We continue here with the MB Market Update for the second half of October. The new spreadsheets for 10/31/08 are available for download by clicking here, or at any time by using the link in the upper-right corner of the MBC front page.

Information in this update closed Friday, Oct. 31.

Closed Sales

Let's look first at some closed sales from this period. Not all of them got what they hoped for, but they did seal their deals. That's saying a lot these days. Some highlights:
  • 532 6th (pictured) was first featured almost a year ago when it hit the market at $2.7m, a 49% markup over its March 2005 purchase price. (See "6th Street is Turning Over.") The listing took time off, came back lower, chopped again, and has now closed for $1.845m, just $27k above the acquisition price 3 1 /2 years ago.
  • 1031 Boundary is a spacious (3br/3ba, 2950 sq. ft.) but slightly funky home up by Sepulveda. It didn't linger long at the wish price of $1.799, cutting to $1.499m and closing at $1.475m (-$324k/-18% off the start).
  • 2105 Walnut (3br/2ba, 1625 sq. ft.) began as one of the least expensive options in the Trees at $1.299m, and made a deal within 3 months for much less: $1.087m (-$212k/-16%).
  • 841 12th Ct. (3br/1ba, 1400 sq. ft.), grabbed by a builder for $950k in August, was successfully flipped for $1.1m just a few months later.

Price Cuts

Hoping to draw buyers in, many listings took new cuts. (As always, click on any highlighted address for more pics & details via Redfin.)

  • In the Sand, 221 34th (pictured), a very sleek modern we always praise here, cut another $300k from earlier in October, and is now at $3.999m, down $1.4m (-26%) from its start at $5.4m in April.
  • Also up at the higher end, a neighboring spectacular newbie at 220 35th$4.8m – it's down from $5.0m, its official start price, and $5.5m, the first price we heard on the property before it hit the MLS.
  • 333 3rd isn't generating near the same excitement, partly due to an awkward layout and a jarring contrast between the Spanish exterior and modern interior. It began at $1.999m and is now at $1.850m.

  • The Tree Section's $2m+ category was among the busiest, with 8 of the 22 taking chops of $60k-$175k. Among those, 2 new homes cut down to $2.099m: 3404 Pine (pictured), which began at $2.450m in April (now down $351k/-14%), and 757 30th, which began almost a year ago at $2.699m (now down $600k/-22%).
  • In the Hills, 2 listings are now down more than $750k each from their starts: 808 Highview cut $350k more in this period to $4.499m, while new construction at 617 6th made a single, big cut of $755k (-13%) to $5.195m after 7+ months on market, as it now nears completion.
  • Also, 724 11th cut another $249k to $2.950m (-16% from start).

New Offerings

We close now on a note of hope. For what else can describe the mood of a seller starting a listing at the end of October, already a rough time of year any year, in the midst of all the financial markets' and mortgage markets' madness? Partly, it's the hope that your listing is different.

And in a few cases, that's quite true:
  • 606 Ardmore (pictured) is a one-of-a-kind modern on the periphery of the Hill Section. If you've ever passed it, you know it. Offers 3br/4ba and 3300 sq. ft. for $3.3m to start.
  • 3109 Oak is has a modern feel with a Hawaiian sort of vibe, otherwise standard for new construction: 4br/4ba, 3200 sq. ft. It began at $2.329m, though after Oct. 31, it cut to $2.199m.
  • 209 16th is not a dream home at $2.699m, it's actually a duplex that's updated in parts and quite dated in others. (Love turquoise porcelain in your bath?) Gotta love the location, though. Nice, even if it does join the "Flood West of Highland."
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