MB Market Update for 6/30/10, Hills & Sand

Posted by Dave Fratello on Friday, July 9th, 2010 at 3:52am.

With activity fairly light in both the Hill and Sand Sections in the second part of June, we'll combine the update for the sub-regions once again.

Let's look first at the 4 sales (new escrows) in this period in both areas combined. All were priced at $1.5m or below:
  • 123 44th (3br/3ba, 1700 sq. ft.) in El Porto Norte is a late-90s home with big views that's been updated as well. 
Unfortunately for the sellers, they bought at the peak, paying $1.490m in Jan. 2007. When the home was listed at the same price in November 2009, MBC suggested that would only work out if "someone pulls a rabbit out of a hat." (See "Tinkering Won't Save It.") 
Some months later, the listing became a short sale at $1.290m, the list price since late April. We counted 232 DOM.
  • For around the same price, 469 32nd (3br/3ba, 1675 sq. ft.) found a buyer much more quickly. The classic 50s beach cottage (with good updates) at the end of 32nd near The Dune lasted just 12 DOM at $1.299m
Nearby, the challenged listing at 445 32nd, with its up-and-down prices, may finally have a comp. 445 is now at $1.299m, too, obviously too high for a property that's inferior to 469, but at least there's some guidance coming.
  • 931 Highview in the Hills is most likely a lot sale (6340 sq. ft. lot) for a home and location with possible views from a higher floor. This one also lasted 12 DOM but, with multiple offers, we hear you should look for a sale price above that $1.5m start.
  • 539 24th (3br/2ba, 1475 sq. ft.) came on in early June and didn't last the month. The 50s home down the hill near Blanche had been sharply updated. There are surprising outdoor spaces and other surprises hidden behind the ho-hum exterior. 
539 24th began at $1.345m and lated 20 DOM.
There were 12 new listings in the Hill and Sand Sections, with 2 in the Hills (see all Hill Actives), 6 in the Sand below $2m (see all actives <$2m) and 4 more in the Sand above $2m (see all Sand actives >$2m). A few highlights:

  • 445 33rd (5br/5ba, 3600 sq. ft.) is a true modern beach delight, with interior spaces that are sharp, white, tight and glossy with a timeless, beachy appeal. Wide plank floors are stained light, polished up and shiny. The top-floor kitchen and great room opens, via nanawalls, to a big patio/deck with some ocean peeks and views across the plateau.
The custom home disappointed MBC readers in just one way – the first open house was canceled after an immediate sale was made. The buyers have walked now for their own reasons, bringing the home back to market. It will be open this Sunday, and will get one more mention in our "Weekend Opens" soon. Start price: $3.125m.
  • 508 3rd (4br/3ba, 3050 sq. ft.), a remodel of a late-80s home down on a quiet block in the South End, debuted in July 2008 at $2.299m, a tidy $500k markup over the owners' Sept. 2005 acquisition price of $1.8m.
It didn't sell, and re-debuted on the market in late June this year for $600k less than that 2008 request: $1.699m, and -$101k off acquisition. It worked – within about a week it had a buyer. (Though the new escrow will go in our July spreadsheets.)
  • Two duplexes got squeezed onto the SFR lists this period (arguably, either one could be used a single-family): 221 11th (3br/2ba, 1275 sq. ft.) down by the pier ($1.125m) and 233 42nd (3br/3ba, 1675 sq. ft.) in El Porto Norte right on Highland ($1.365m). While 11th has just some perfunctory updates to make it a decent rental, 42nd was very recently redone completely.
  • Finally, 2 neighbors on 31st St. hit the market within days of each other: 224 31st (5br/5ba, 4200 sq. ft.) (pictured) is a newer (2005) home west of Highland with max square footage  and ocean views. As MBC noted in "It's Better Now by the Beach" the other day, 224 31st has been on and off the market over the past 2+ years, starting in August 2007 at $4.995m, and back now at $3.499m.
Next door is 228 31st (4br/4ba, 3950 sq. ft.), a new ultramodern with huge and, they say, unblockable ocean views. They're almost finished building it. Start price: $4.895m.
Only one listing in the Hill or Sand cut its price in this period: the new construction at 906 9th (6br/6ba, 5425 sq. ft.).

The cut to $4.395m should be viewed in context. This listing, which began in April, is technically separate from the one which ran from Feb. 2009-Jan. 2010, with a high of $4.895m and a low of $4.2m.

Yes, the prior listing at 906 9th ended nearly 6 months ago at almost $200k below the current price.

Just 2 closed sales in the Hills and Sand before June 30. One, at 617 6th ($4.5m), we covered just the other day.

So that leaves the closed sale at 311 26th to round out our coverage – and on a pretty nice note.

The 4br/5ba, 2500 sq. ft., newer (2007) custom home on a 2/3rds-size lot just above Highland features great European styling with fantastic detail. And did we mention big ocean views over Parque Culiacan Bruce's Beach Park?

We called the start price of $2.798m "ambitious," but the close at $2.5m (yes, $1,000/PSF) is still quite an accomplishment east of Highland.
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