MB Market Update for 2/29/08, TreesPosted on Tuesday, March 4th, 2008 at 1:29am.
Total SFR inventory in the Tree Section was at 47 on Feb. 29, with 23 priced below $2m and 24 priced above that mark.
There were 5 new listings in this period:
- 523 Marine is a cute cottage (3br/2ba, 1625 sq. ft.) purchased just 18 months ago (Sept. 2006) for $1.310m. The sellers are just trying to get out without losing much money, starting at $1.379m.
- 3516 Palm is a stately 5br/4ba home with 3250 sq. ft. whose overall layout and feel you'll recognize from much new construction in the Trees these days – even though this one was built in 2000. It's a nice home, but the location is a strike, with proximity to Rosecrans just one of a few issues. Sellers paid $1.050m in 2002, and they start now at $1.849m (+$799k/+76%, or almost 13%/yr.).
- 534 14th is unusual in that you don't often see resales in the $3m+ range. It's a large contemporary (ca. 1990) with sharp angles and ocean views. Offers 4br/4ba and 4100 sq. ft., with 2br up and 2br down. (At one point the listing stated the agent's opinion that it was not a home for families with young kids due to the bedroom layout; that's been revised to: "Not home for infants....") Start price: $3.350m.
- 3307 Poinsettia and 3309 Poinsettia are lovable twins. Although styled differently (one's Craftsman , one's Italianate), they offer the same basic profile (5br/5ba, 3250 sq. ft.) and layout. The writeups for both homes are almost interchangeable, too – both conclude: "This Home is As Close to Custom As You Can Get" – to which we'd add: "unless you look next door."
Kidding aside, the twins are lovely, just starting out very high at $2.795 – out of kilter with the sluggish market for new construction in the Trees. At $860/PSF, they're in territory reached only by new homes in "A" locations (717 31st at $914/PSF and 608 15th at $880/PSF) over the last 6 months. Most new construction has wound up closer to $700/PSF, with $716 being the peak – at 927 27th in late August.There were 8 sales (new escrows) in this period in the Tree Section from homes listed on the MLS. (Another new construction pre-sale at 1813 Pine was posted as pending; this is on the spreadsheet too.) Let's look first at the lower-priced homes:
- 3613 Oak (pictured) was one of the smaller and least-well-located offerings of the year, but it was attractive at $1.089m for 3br/2ba and 1400 sq. ft. Word is that the sellers were eager to move on to...
- 790 Rosecrans, oh, lovable, awful 790 Rosecrans – big and tired, but offering a built-in pub and a pool, and lots of remodeling opportunities. It was last at $1.295m after beginning at $1.585m (-$290k/-18%). We know it's Rosecrans, but how often do you see a PPSF below $400? You do here: $398, based on the list price.
- 626 Rosecrans is the opposite of 790 – small and spiffy, neatly remodeled. How often do you see a 600 sq. ft. home, a $799k price west of Sepulveda, or a PPSF of $1,300+? All those here.
- 605 36th (pictured) was a pretender at nearly $1.6m in Sept. 2007, but it took time off, came back at $1.399m and snagged a buyer.
- 3012 Palm could be a failed flip, or nearly failed – purchased in June 2007 for $1.3m, and last at $1.429m, down $150k from its start. If it was profitable, not by much.
- 2312 Poinsettia (pictured) was custom-built in 2006, and it showed in the very different layout. It's large with 5br/6ba and 4175 sq. ft. Nice bonus: a pub-like basement rec room outfitted by the owner with a gym, pool table, bar and massage room. Price started at $2.995m, and just $45k came off before a deal was struck.
- 1417 Elm is a 5br/5ba, 3000 sq. ft. home that's fairly typical for the genre, though attractive with lots of extra detail work (custom woodworking, nice finishes all around). It spent about 6 months on the market, including pre-completion time; last at $2.099m (-$76k from start).
- 2100 Flournoy reached above $3m for a while, starting out at $3.200m pre-completion, but it came to rest at $2.750m, we're told (-$450k/-14%). That's still quite decent, thank you, for this 4br/5ba, 3600 sq. ft. home. PPSF would be $764.
Finally, we had 4 closed sales in this period:
- 3104 Pacific (pictured), new construction that began at $2.149m, closed at $1.950m (-$199k/-9%). In doing so, it became the first new home to close below $2m since MBC began publicly tracking 1 year ago. (More are on the way.)
- 2311 Poinsettia, a newer-style home (ca. 1989), also started at $2.149m in May 2007, but fell to $1.850m (-$299k/-14%) and $544/PSF.
- 612 30th was a newer, Spanish-style resale that came and went quickly, grabbing $2.270m for 4br/5ba and 3450 sq. ft.
- 652 36th was smallish (3br/2ba, 1525 sq. ft.) but quite stylish, and commanded $1.3m, a fairly modest 10% markup from the $1.175m paid in March 2005.
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