MB Market Update for 2/15/10, Sand

Posted by Dave Fratello on Friday, February 19th, 2010 at 4:33am.

In February we finally started to see some action in the form of new listings in the Sand, which had been pretty quiet in January.

Of the 21 new SFR listings in this 2-week period west of Sepulveda, 10 were by the beach. (See the page of Sand Section actives <$2m, or the Sand actives >$2m; use the links on our online spreadsheets to view properties directly.) The new listings included...

3 on The Strand:
  • 112 The Strand (3br/4ba, 4400 sq. ft.), a late-80s home that holds up nicely enough today. (Pictured.) Light, bright, south and Strand – a worthy combo, starting at $7.795m.
  • 908 The Strand (4br/5ba, 2775 sq. ft.), an older home with a bonus unit out back, offered at the come-hither price of $5.595m, below the lot values for 2 other Strand lots further south that sold last year. The strategy worked – 908 The Strand is in escrow.
  • 1600 The Strand (3br/5ba, 5225 sq. ft.) is a jarringly modern, 1980s-vintage landmark. Bonus feature: A rooftop pool. Start price: $13.5m. For more on the home and perspective on the price, see "More Strand Options." 

There were also 2 new listings on 9th St., both mentioned in our most recent "Weekend Opens" feature:
  • 325 9th (pictured) is a newer (2003), full-featured Cape Cod with 5br/5ba, 3700 sq. ft. Some great details, lots of little private spaces, and a nice flat walkstreet location very close to downtown. Starts at $3.695m.

And finally there were 2 we saw last year, trying again:
  • 420 1st (2br/2ba, 800 sq. ft.) is a little cottage – well, 2 little cottages with a small yard between. The property backs up to a school and abuts a parking lot. 
The current owners took it for $1.075m in June 2007, tried last year at $1.275m and start anew this year at $1.190m.
Yes, that's still a markup over 2007. (For more, see "A Wave of Wipeouts on 1st," from last September.)
  • 215 S. Valley (4br/3ba, 2550 sq. ft.), a dated home with a significant location challenge, is back, after a hiatus, at $1.235m – a price MBC thought reasonable a year ago. (For more see "215 Valley's Back.")
There was also a little sales action in the Sand, 3 total, including 2 on 20th St.:
  • 332 20th (5br/5ba, 4300 sq. ft.), an inspired Spanish with big ocean views well-featured by the home's design. 
The home was new in early 2008 and began at $4.795m, and was also one of 2 properties mentioned in an MBC poll (see "$1m to Cross the Street?") that compared it to a new-construction listing down on 19th closer to the water.
The comparison property west of Highland sold for $5.6m, quickly, way-back-when.

This year, 332 20th was last at $3.695m, after a couple of rentals in between. Clearly, the question in 2008 should have been, "$2m to Cross the Street?"
  • 228 20th (5br/5ba, 4150 sq. ft.) is a late-90s contemporary that has been offered for more than 400 days. After a start at $3.899m, it was down to $2.999m before making a deal.
No closed sales this period. More on the Trees in another post soon.
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