MB Market Update for 4/30/10, Trees

Posted by Dave Fratello on Friday, May 7th, 2010 at 3:28am.

At the end of April, there were 36 active listings in the Tree Section – most (25) priced above $1.5m. (Click for Tree actives <$1.5m, or actives >$1.5m.)

As luck would have it, the most sales (new escrows) of any market subsegment that MBC tracks were among the higher-end Tree listings. Four of the 6 sales in the Trees were at $1.5m+, including:

The home "won an architectural award when built" (in 1983), per the listing. It's been updated in the important parts (kitchen, etc.).
After a start at $1.825m, Maple cut a tad to $1.775m over 51 days' service time before making a deal.
  • 848 14th (5br/5ba, 3500 sq. ft.), a stony speckie near Pacific School that began way too high in September 2008 at $2.899m, and slid over the course of 587 DOM – wait, what? yes, 587 – to $2.295m, where it stood when a buyer knocked. In fact we're told more than one buyer was knocking once the game was on.
  • 632 30th (5br/3ba, 3050 sq. ft.) had a different fateline, selling immediately upon hitting the market April 27 at $1.789m.
Touted as a "complete remodel" with pretty great details throughout, the home's got obvious style and appeal, and a location on one of the sleepier north Tree Section streets as a bonus. 
We're all pretty much resigned to scanning the online pics, as the sellers basically closed the doors once they accepted an offer.
The only sub-$1.5m sales we recorded in the last half of April were lot sales:
  • 519 14th is the first full north/south lot up from Ardmore, 5640 sq. ft. and offering, perhaps, some ocean-view potential. Not bad for the Martyrs area at $1.375m
Sure, we had a couple of quick sales, but even the best won't all go immediately. Some highlights from the Tree Section's new offerings this period:

  • 644 17th (5br/5ba, 5400 sq. ft.) is an ornate, custom, tranquil Spanish with great décor. This cul-de-sac block of 17th is among the most private and prized in the Martyrs area.
Great kitchen, back yard/entertaining space, and ocean views from the top floor. Starts at $3.450m.
  • 3524 Laurel could be special – and you can help see to it. It's a spec build that's under way now and inviting buyers to jump in and select materials and finishes. Choose carefully – they're already asking $1.849m for a home that's just a short block to Rosecrans.
  • 2523 N. Valley (4br/5b, 2800 sq. ft.) is a unique, darling Spanish that might be at home in Montecito, but it's on Valley, so there's that. 
Sellers paid $2.050m new in Feb. 2006 and now offer it back for $1.789m (-$261k/-13%) to start.
  • 3508 Poinsettia (5br/4ba, 2250 sq. ft.) does have those 5br and a pool. Location won't be for all – north of 35th. And we'd like to know why a home purchased for $1.1m in 2004 is now up at $1.389m, if we're living in 2004 prices in most parts of MB.
  • 543 Marine is kinda cute for a little gaslight 2 bedroom (2br/2ba, 1350 sq. ft.). Starts at $1.169m.
More shortly on the Hill & Sand Sections.
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