MB Market Update for 5/15/08, Sand

Posted by Dave Fratello on Thursday, May 22nd, 2008 at 6:41am.

The new MB Market Update spreadsheets are available: download the 5/15/08 update by clicking here (note: this one is revised, fixing layout problems), or at any time by using the link at the upper-right corner of the main MBC page. Information in this update closed May 15.

This is the second of 3 articles describing market activity May 1-15; again, shooting for shorter this round...


Sand Section

There were 36 active SFRs on May 15.

The biggest news was the raft of sales (new escrows), 7 in all, so we’ll start there:
  • 437 1st, a 2007 purchase ($1.450m) that was tidied up and last offered at $1.65m;
  • 401 3rd (pictured), a large remodel that may have been "underpriced" in a way that only a $2.7m home in the South End could be – lasted less than 2 weeks;
  • 408 6th, the midblock walkstreet home that we're hearing is sold to a builder – last at $2.099m;
  • 2211 Highland, twice surprising us as a listing on Highland that went quickly (listed at $1.399m);
  • 324 25th, a new listing of an older, smallish (1400 sq. ft.) home on a midtown walkstreet east of Highland, which didn't last a week at $2.2m; and
  • 125 31st, a contemporary in a sleepy walkstreet block of the North End at Manhattan Ave., last at $3.399m.
Meanwhile, just 3 other new listings, including:
  • 217 35th Pl, perhaps a lot sale, given that the status of the converted duplex is not that of a dream home – at the corner of two alleys. Clear second-place finisher in MBC's "most delusional" poll last week. Started at $1.5m, about 50% above the March 2006 purchase price; and
  • 204 38th St., a small "as-is" cottage on a half-lot (1350 sq. ft.) priced at $899k, which sold the day after our report window closed.
Several listings made cuts, including:
  • 473 31st, a new home (pictured), took another $150k off, now -$251k/-8% at $2.999m;
  • 341 10th, which took another $196k off, now -$301k/-10% at $2.999m;
  • 448 27th, a fairly large (2650 sq. ft.) 2br home, took off another $100k to -$190k/-9% below start, now at $1.899m; and
  • 417 28th took its first $201k off, now -6% at $3.298m (with a bogus re-list to boot).

There were 3 closed sales:

  • 3200 Alma at $1.909m, $10k above asking – recall that this one sold quickly in late March (see story here);
  • 207 Homer, another quick sale, at $1.715m, just -$64k/-4% from asking; and
  • The "brownstone" (pictured) at 428 27th went for $2.712m, -$186k/-6% from the start at $2.899m.
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