MB Market Update for 5/15/08, Trees

Posted by Dave Fratello on Sunday, May 25th, 2008 at 4:28am.

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 third of 3 articles describing market activity May 1-15.


Tree Section

There were 51 active SFRs in the Tree Section as of May 15, with 27 priced below $2m, and 24 priced above $2m.

We had 7 new listings, 3 of them new construction:
  • 2901 Oak (pictured) is located on a not-terrible part of Oak. Home is essentially Spanish, 5br/5ba and 3250 sq. ft. Starts a hair below $2m at $1.995m.
  • 2504 Poinsettia is very surprising – they say "not cookie-cutter," and they're not kidding. A completely different layout, an interesting mix of styles that is not purely contemporary nor Mediterranean (click for the pics via Redfin). All bedrooms downstairs, most boxy. Hmmm. Starts at $2.499m.
  • 721 36th is a Cape Cod that was new last year, and we're letting it sneak onto this list now. Purchased for $2.327m in March 2007; the markup after a year: +$172k/+7% to $2.499m. Well, they only need one buyer who thinks the market has appreciated 7% over on 36th in the past year.
The resales new to the list:
  • 1705 Pacific (4br/4ba, 2650 sq. ft.) was remodeled awkwardly in stages by previous owners, and radically redone inside by the current owners. Very classy, but you need to get past the strange layout (master downstairs), so-so curb and location on Pacific near the school. The start at $1.875m struck MBC as fanciful (sellers paid $1.060m in late 2003), but comparably few MBC readers found the price "delusional" in our poll – or, at least, not the worst offender in the bunch.
  • 3104 Palm shows its 80s vintage outside, but it's large (4br/3ba, 3425 sq. ft.) and ultra-updated inside. Starts at $1.799m (with a low $525/PSF).
  • 2905 Valley is a comfy cottage with 3br/2ba and 1500 sq. ft. that the listing insists is "sophisticated." It's clean. Starts at $1.239m.
  • 1816 Agnes, a humble remodel (3br/2ba, 1820 sq. ft.) in a quiet, "A" location, came up at $1.775m and sold quickly, just after our May 15 window closed.
In the first half of may, there were 5 sales (new escrows):
  • 3404 Maple (pictured), akin to new construction though born 8 years ago (5br/5ba, 3300 sq. ft.) sold quickly at $1.799m;
  • 1821 Walnut, new construction, fell out of escrow and then fell right back into it with a new buyer, last at $2.399m (recall its start last year at $2.75m);
  • 2310 John is a unique contemporary – rare for the Trees, last at $2.099m;
  • 2204 Palm is a huge home that once boasted the title "Colossal Corner Cape Cod" (see our review: "Oh Yes, It Is Big"). Started at $3.45m and never budged; and
  • 625 26th is a nice, late-80s Mediterranean that sold after chopping almost $200k from its start at $2.185m; that last $1.999m price was about $200k higher (+11%) than its Aug. 2004 purchase price ($1.795m).
Noteworthy price cuts:
  • 560 36th, a surprisingly warm modern, made a sudden cut of $300k before May 15 to $2.699m, and a few days later (outside the report window) has cut another $200k to $2.499m;
  • 1829 Poinsettia, now on market more than a year, lost another agent and returned $100k lighter at $1.475m – now -$310k/-17% from its preposterous start last May; and
  • 500 14th cut $100k, now -$150k/-8% from start and at $1.699m.
There were 4 closed sales, the first 2 being short sales that skipped straight from "active" to "sold" –
  • 3412 Pacific got its asking price: $1.199m – remember this one sold just over a year ago for $1.491m (Jan. 2007), nearly $300k more, although that was also probably $100k-$150k higher than its true market value at the time;
  • 1313 Oak went for $1.780m, -$710k/-29% from the most recent start price of $2.490m;
  • 3517 Elm got $1.155m, -$244k/-17% from its October 2007 start – sellers paid only a bit more ($1.045m) in Oct 2004; and
  • 738 26th (pictured), the picket-fence beauty on a corner lot at Agnes, closed at $1.770m, just a $29k hair below asking.
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