New & Gone

Posted by Dave Fratello on Tuesday, November 24th, 2009 at 5:14am.

They're not making new land around here anymore (old joke), but they're also not making many new homes, either – at least not for the spec market.

In the past week or so, the limited inventory of available and pending new construction has begun to close out even more.
  • 229 24th, a gorgeous big (5br/4ba, 4200 sq. ft.) Spanish west of Highland, has now closed for $4.2m. (Click address for pics & details via Redfin.)
Yes, that's down quite a bit from the ambitious start at $5.495m in February (-$1.295m/-24%), but it's that closed figure that stands out. Impressive for a home that's close to Highland, but – importantly – west of it.
Lots of echoes of 229 24th in 332 20th, another beaut by the same builder, which was new in 2008 and is recently back on market after a rental interlude at $3.895m. East of Highland will do that to you.
  • Also closing this week: Something different at 2901 Oak.
As we noted in "Renting Can Cost You, Part II," Oak hit the market at $1.995m in Spring 2008, but rented out – more like a lease-option deal, we hear – instead of selling. The option wasn't exercised and it came back this October, selling quickly (2 weeks) for list price: $1.699m. Not bad for almost-new and an Oak location.
  • Also almost-new, but pending: 903 10th, which made a deal a few weeks back (not closed yet). This one is big (6br/7ba, 5125 sq. ft.) and perhaps overdone in some details. The home bears a 2007 completion date, but these buyers will be the first people who didn't build it to live in it. Began at $3.195m and was last at $2.850m.
  • Truly new and pending: 718 Poinsettia, just up the block from 903 10th and a bit bigger (6br/5ba, 5725 sq. ft.). Began at $3.849m, shifted some digits to $3.489m, and we'll wait to see where it closes.
  • Also new & pending: 128 9th, down low in the Sand near downtown (last at $5.395m) and 2401 John, quite nearly the last speckie to hit the market in the Trees, which posted its long-rumored deal last week. (UPDATE: 128 9th closed for $4.9m later in the day that this story was posted.)
There may come a time soon when we're not using that "new" designation much in the MBC spreadsheets. As Blake Roberts wrote the other day, we may be nearing the "very tip of the dragon's tail" in terms of new construction offerings in MB. (His imagery, not MBC's.)

Yes, the bubble-driven wave of redevelopment may be all but over. Until the next set hits.
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