MB Market Update for 3/15/09, Sand

Posted by Dave Fratello on Monday, March 23rd, 2009 at 4:33am.

Last week we covered market activity in the Hill Section for the first half of March. Now a brief update on activity in the Sand Section, with updates past March 15 where appropriate.

Inventory in the Sand stood at 57 at mid-month, with 26 of those SFR listings priced below $2m, and 31 priced higher.

Among these there were 5 new listings:
  • 112 19th Place is a clean, if somewhat dated, cottage (3br/2ba, 1500 sq. ft.) right along Ocean that only lasted 7 days at $1.295m;
  • 408 9th (pictured) (4br/3ba, 2300 sq. ft.) is a mid-block, flat walkstreet remodel that was pretty much the classic example of the breed, and it sold quickly (within 2 weeks, though after the March 15 close on our spreadsheets), priced at $2.299m;
  • 316 16th (5br/6ba, 3050 sq. ft.) is a 3-unit building (posted with SFRs) that boasts a walkstreet location near downtown and an attractive price in light of the location: $1.599m;
  • 125 2nd is a mid-90s build that's nicely updated, low on the walkstreet with big views, offered at $4.999m (mentioned in a story on 132 2nd last week – see "A 2nd Try on 2nd");
  • 3216 The Strand is a lot sale that was around for part of 2008 at $7.3m and points south, now up at $5.9m – some of its curiosities were recently offered for public viewing (see "Sunday Opens (3/15)").
Matching the number of new offerings, there were 5 sales (new escrows) during the first half March in the Sand (balance!). We mentioned 4 of those, including not 1, but 2 Strand sales (3404 and 1712), the other day in "Quick Picks."

The only sale not mentioned was the new home at 510 23rd (pictured) (4br/4ba, 3200 sq. ft.), because it has been around 6 months and wasn't a particularly quick pick. A very nice Spanish last at $2.199m, down a bit from a start at $2.399m.

One noteworthy cancelation happened in this period, at 215 S. Valley (4br/3ba, 2550 sq. ft.), which began at $1.650m in July 2008 and was last seen on MBC (in "Drip, Drip") at $1.399m, still probably $150k or more too rich for a dated home on a busy street.

Finally in the first part of the month we saw 2 fairly quick closed sales:
  • 129 1st (2br/2ba, 1300 sq. ft.) taking just tad more than the $1.199m asking price, $1.215m.
  • 138 15th Place (3br/3ba, 2225 sq. ft.), which only began in late January (at $1.589m) and closed March 10 at $1.450m.
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