MB Market Update for 2/15/08, Part 2

Posted by Dave Fratello on Wednesday, February 20th, 2008 at 4:45am.

This is the second installment of the MB Market Update for the first half of February.

You can download the complete Market Update spreadsheets by clicking here or by using the link at the upper-right corner of the MBC front page. (Click to read the Hill Section story.)


Sand Section

There were 26 active SFRs in the Sand Section as of February 15.

There were two new listings and three comebackers:
  • 428 27th (click for pics and details via Redfin) is completely unique among current listings, a fairly authentically styled "east coast" brownstone. In a world full of Spanish, modern and Tuscan styles, this is a standout beauty. The home, built in 2002, offers 5br/5ba and 4125 sq. ft. (on a full-size lot) with a great outdoor room off the 3rd floor living room. It starts at $2.899m.
  • 429 29th Place is in the same neighborhood, but only literally. It's an older home (circa 1928), updated in keeping with its Spanish character. Here you get 3br/2ba and almost 1300 sq. ft. on a half lot (accessed off the alley). Ocean views from the little upstairs deck. Starts at $1.249m.
  • 3216 Alma is a lot sale that began Nov. 30, 2007, seeking $1.699m for a 3450-sq.-ft. lot. It canceled just before the transition to Mr. MLS (see: "The New Order: MRMLS") so it might start fresh with a new DOM tag. Price also changed to $1.550m.
  • A strange case is 233 20th St. A home giving the same address was offered in December 2007, sold, and closed Jan. 15, 2008, for $1.249m. Now it's up again at $1.289m. The rear half of this lot was also up for sale in December and seemed to sell at the same time, but it canceled out. We've asked for clarity but don't have details yet.
  • 408 6th is a mid-block walkstreet home in the South End that failed to close a deal for a second time. Upon its return to market, the listing took a $150k cut, and stands now at $2.340m, down $285k (-11%) from its start at $2.625m.
There were price cuts on 4 listings, of which 2 stood out. At 228 31st, a newer listing (Jan. 7 start) of a dated home (marketed for the lot, 2700 sq. ft.), the price is now $2.399m, down $200k (-8%) from start – a decent effort to adjust. Also, a much staler listing (6+ months on market) of a recent remodel at 225 39th is now down to $1.525m, fully $70k below the price apparently paid by a flipper in June 2007.

Meanwhile, 2 listings at $3m+ canceled – 452 32nd was new construction offered pre-completion at $3.2m; 128 5th is a lot sale that began at $3.975m last year, and quit at $3.9m this time.

There were 3 sales (new escrows) in the Sand, including two bits of new construction:
  • 3617 Vista (pictured), high above Rosecrans – but not completely away from it – came down to $1.899m from its start at $2.149m to get a deal (see "Now It's a Buena Vista").
  • 200 19th, on a walkstreet west of Highland (see "Half the Question is Settled"), was up for $5.849m for just about a month before it went. Nice.
  • 301 20th, a pretty dated, small home (3br/2ba, 1200 sq. ft.) on Highland on the eastern side, lasted only a couple of weeks at $1.275m.
We also learned of one closed sale, at 117 Highland. This so-so South End home with 3br/2ba and 1500 sq. ft. (see "A Marginal Listing, a Decent Rental") lingered for 250 DOM in 2007, canceled in December and sold quite suddenly thereafter. It closed for $1.275m, down $174k (-12%) from its start at $1.449m.
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