MB Market Update for 1/15/10, Sand

Posted by Dave Fratello on Tuesday, January 26th, 2010 at 4:35am.

We've let a few days pass without wrapping up the MB Market Update for the first half of the month, but we can say there hasn't been a lot of activity since mid-month – save for a few new listings that we'll get to next week as February dawns.

Meantime, let's sew together the few loose threads from the first half of the month. Click here for the first update with inventory data, sales (new escrows) for all sections (just 4 sales) and the Hill Section update.

This post has the Sand Section data; the next will cover the Trees.


Sand Section (click for actives <$2m, or for actives >$2m)

The 2 new listings in the Sand were:

  • 1516 Highland (3br/3ba, 2225 sq. ft.), a newer (2005) contemporary looking for its third set of owners in 5 years.
Big ocean views, extreme downtown proximity, comfortable living spaces. It's a good package, with that big Highland location asterisk.

Current owners paid $1.795m in March 2007, and now request $1.650m
  • 532 5th Place (2br/2ba, 900 sq. ft.) is actually a returnee from the pre-holiday period of 2009. It's now pitched as the "lowest priced" SFR in the Sand, and that's correct. The home was acquired for $923k in Jan. 2006, underwent a significant remodel, and is now offered back at $869k.
Three other listings appeared to be new in this period, but those were just the result of the listings ringing in the New Year with a little fresher-upper re-listing action. We've noted those with a boldface "Yes" in the "Relisted?" column, and we'll keep counting DOM from their debuts.

Also freshening up a bit, 3 listings at $3m or more each took cuts:
  • 121 17th, a great location but probably a land sale, is now at $3.199m;
  • 440 6th, the brand new custom corner-walkstreet house down South, is getting long in the tooth but lighter on the balance sheet, now at $3.898m cutting to $3.898m in the first half of the month, and taking another $100k off on the 26th to $3.798m. (Story updated.)
Closed sales in the Sand were intriguing.

MBC already covered the final act in the 132 2nd story, in which the home sold for $3.3m, a bit less than its 2005 price, far below the $6m+ the sellers were offered in 2008. (See "Close the Books on 132 2nd.")

The 2 other closings were nearly across the street from one another:

429 7th (4br/3ba, 2125 sq. ft.) doesn't have a ton of space and doesn't open out to the walkstreet in the ways we prefer. But the home is very sharp inside and the space well-utilized, if tight.

Maybe most important: 7th St. is heaven for kids. That's a draw.

It took 54 weeks to find a buyer, but the home sold for an impressive $1.950m. The sellers had paid $1.440 in August 2002; we presume much of the interior remodel was their work.

Reaching back a bit, we recall that there was a time that both 429 7th and 424 5th, roughly comparable homes near each other, were both on the market at the same time. Both began at $2.399m. 424 5th does not appear to have been reported on the MLS, but tax records show the sale closed at $1.630m, about a third off that start price due to a few different issues. 7th St., meanwhile, hewed a bit closer to that start, cutting 19% over a year to make a deal.


The final sale in the Sand for the first half of January was at 441 6th Place.

In case that address doesn't snap for you right away, let's spell out how great it is: That's a southern corner lot on 7th St. along the dead end of Ingleside. Great dirt. (The pics do it no justice.)

The price was not bad at all for this little cherry – $1.5m.

Compare that with the closely comparable corner lot situated under 440 6th, the new Cape Cod referenced above. It's a half block south, also on Ingleside. At the very end of the bubble period, in Sept. 2007, that lot was offered for $1.9m and bid up to $2.050m by folks intending to build a custom home for themselves, though now it's on the open market.

441 6th Place probably the better of the 2 lots, but it sold for 27% less just about 2 years later.

The new owners, MBC readers going back a ways, have signed up their team to scrape and build, and we wish them well.
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