MB Market Update for 4/30/10, Trees

Posted 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:

2701 Maple (4br/4ba, 4000 sq. ft.) is one of 3 listings with a throwback flavor featured in "Kickin' It Old World" back in early March.

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:

3104 Poinsettia was last at $1.050m, and closed May 6 for $940k.

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.