MB Market Update for 4/30/08, Trees

Posted by Dave Fratello on Tuesday, May 6th, 2008 at 2:34am.

This is the third and final installment of our MB Market Update for April 30, 2008. You can download the complete 4/30/08 update by clicking here, or at any time by using the link at the upper-right corner of the main MBC page.

Tree Section

There were 48 active SFRs in the Tree Section as of April 30, with the inventory equally split between those priced below $2m (24) and those priced above $2m (24).

We saw 9 new listings in the Trees in this 2-week window, making it 15 new listings in April for this submarket. Most are resales. (Hey, we thought people were holding off on selling in this market...).
  • 3404 Maple (pictured) is mislabeled a "Mediterranean," but it's a nice enough 5br/5ba, 3300-sq.-footer that will be familiar to folks who know today's new construction in the area. Sellers paid $1.535m just more than 4 years ago (Feb. 2004) and now seek $1.799m(+$264k/+17%).
  • After a quick price cut, 500 14th asks the same $1.799m for a substantially smaller (3br/3ba, 2350 sq. ft.) home on the corner with Ardmore. Well, it is near downtown.
Hm, it's also about the same price as even smaller (and more forlorn) 672 19th (see "Be Their Guest").
Just 3 1/2 years ago (Aug. 2004), the sellers picked up 500 14th for $1.290m, so they're seeking almost the tax-free max $500k at the moment.
  • 2700 Pacific (pictured) becomes the third of 4 homes at the intersection of 27th/Pacific to hit the market in the past year.
The others didn't fare well – 2622 Pacific tried for a while last year at $1.699m and later $1.599m, but canceled rather than sell for less than that. Meanwhile, 794 27th is the celebrity-owned home diagonally across, and it's in the news now because its list price just dropped to $401k below what the current owner paid just 2 years ago.

2700 Pacific offers 4br/4ba in a newer, 2900 sq. ft. home. The listing's 36 pics (we need not exaggerate) guarantee that you don't miss a feature. Sellers paid $1.695m a full 4 years ago (May 2004) and they now seek $2.099m (+$404k/+24%). Uh-oh, that's the same price as far more stylish 794 27th, with the same location.
  • Helping to crowd the $2.099m price point is 2308 Walnut, much larger than the two homes mentioned above (4br/3ba and 3875 sq. ft.) but also somewhat older (1989).
  • Moving up the $2m scale, 616 29th is a resale in a quiet location that starts at a price that's a bit high even for new construction these days – $2.475m for a 4br/5ba Craftsman (they say) with 3500 sq. ft. of living space. Just 2 1/2 years ago, the sellers paid $2.425m, so the price looks flat from here. For now.
  • 1901 John (pictured) is worth waiting for, we'd say. It's a newer (ca. 2000) Spanish on a corner lot with lots of great details throughout. The home's on the larger side, too, for the Trees, at 5br/5ba and 3700 sq. ft.
The sellers know it's something special, so they're aiming high – $2.695m to start, with only 5 Tree Section listings currently priced higher. If they get that, the sellers will be up nearly a cool mil – they paid $1.7m in late 2000.
Also, there were 3 newbies, all of them – intriguingly – priced lower than the last couple of resales noted above:
  • 1820 Elm, Craftsmanesque with 5br/4ba, 3025 sq. ft., starting at $2.349m.
  • 2504 Pine, a larger CaliterraneaSpanish with 5br/5ba, 3600 sq. ft., and a disjointed listing writeup that notes its, quote, "Beautifully Landscaped 'Big-Enough' Backyard." Starts at $2.395m.
  • 3404 Pine, a neo-Spanish home with great treetop views from, well, can you believe, the laundry room? Otherwise, the hilltop location is wasted. Offers 5br/5ba, 3250 sq. ft. at $2.450m.
Among the price-choppers, none was bigger news than 794 27th, as mentioned above. That seller has baked in a huge loss.

Meanwhile, 625 26th got the heck out of the busy mix above $2m and re-priced itself a buck below that threshold. (It began at $2.185m.) Dare we point out that this is another case of a relatively recent purchase (Aug. 2004) that is now not asking so much more than the purchase price ($1.795m)?

Also, The Twins on Poinsettia (3307 and 3309) adjusted again to $2.599m, and fellow newbie 661 26th shot below them to $2.579m.

Finally, we saw 8 sales close in this period. Among these:
  • 2317 Pine, one of Mrs. MBC's first official picks, closed at $1.878m, a goodly share above its $1.799m start price (see "It Can't Last");
  • 790 Rosecrans, oh, tired, awful, wonderful 790 Rosecrans, closed at $1.235m, fully $350k and 22% off its $1.585m start price (from Aug. 1 – remember those heady days?!?);
  • 3012 Palm, which was, by profile, a failed flip (purchased for $1.3m in June 2007) closed for $1.360m, after wish-pricing at $1.579m; and
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