MB Market Update for 1/31/10, Hills & SandPosted on Wednesday, February 3rd, 2010 at 4:45am.
On Monday we said that overall inventory at month's end was at 74, the same figure as for 2008, but with one correction, it was at 73, still down quite a bit from 2009 at the same point. Here was the inventory by section:
Hill Section: 13 (+4 over mid-month)Just since then, we've seen 3 new SFR listings pop up west of Hwy. 1.
Sand Section: 32 (even)
Tree Section: 28 (+3)
Much of the activity in this 2-week period was in the Tree Section, so we'll combine coverage of the Hill & Sand sections first.
Each of the 4 new listings in this period has already had some screen time at MBC for in "Weekend Opens" and other posts. (Click here for the Hill actives page.) They are:
- 800 N. Poinsettia, a nicely positioned corner lot with city views that also has some kind of structure on it right now. (For more see "Weekend Opens (1/30-1/31).") Starts at $1.899m.
- 923 8th (pictured), a newer (2005) home just steps from 800 N. Poinsettia, but this one's luxurious. It also offers nice city views to the north. (For more, see " Sunday Opens (1/24).") Starts at $3.599m.
- 1026 Duncan, a newer (also 2005) Cape Cod with ocean views upstairs. It's an REO but the listing doesn't yet say so. Purchased for $2.5m new in March 2005, went back to the bank recently and is now offered at $2.450m.
- 1011 Pacific, a fairly new (2003 build) home with nice ocean views down the hill. This one tried last year at $6m, then $5m, and is now at $4.199m. (See "Pacific Connection" and "Weekend Opens (1/30-1/31)" for more.)
Just one closed sale in this period, which MBC actually reported on previously. That was 815 2nd, a spec home that saw its developer partnership go BK, with the home selling in bankruptcy court for $2.650m.
Yes, that's what we reported on Dec. 28, 2009 (see "Close the Books on 815 2nd"), but court confirmation and a final closing only came in late January.
By the beach, you can hear the crickets.
That is to say, things are unusually quiet. While the rest of MB is seeing a little inventory surge and some interesting quick sales, the Sand Section is focused on those storm surges sloshing around the lifeguard stands and washing away El Porto.
Just 1 new listing in this period, 1 sale that closed almost instantly, and 1 other closing.
The new offering is:
405 9th, a lot sale in a great midblock, flat walkstreet location. That's the good. The problem is the start price at $2.3m.
Just last May, neighboring 408 9th, a wonderful, if not-so-big (4br/3ba, 2400 sq. ft.) remodel sold for $2.160m. (That's the tax record price; MLS says $2.175m.)
That price was for a move-in-ready house. The land value there would have been $1.7m-$1.9m. 405 9th is on the sunnier south-facing side of the street, but that's the only positive difference.
We're looking at the recent lot sale at the very desirable corner of 7th/Ingleside (441 6th Place), where the dirt traded for $1.5m in early January. Now we look back to 405 9th and say, "Hmmmmm."
Those 2 closed sales:
- 1704 Highland (4br/4ba, 3300 sq. ft.), the last new listing of 2009 in MB, and one of the first sales of the year, closed at $2.1m. This was well below the May 2005 price of $2.425m, but barely below what the previous owners paid ($2.125m), as relayed in "Last to First on Highland."
- 216 30th, a bright, clean, smallish (2br/3ba, 2000 sq. ft.) ocean-view home on a half-lot, closed for $1.615m after a very quick deal (2 days) cut made late last year.
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