New Low for Tree PPSF

Posted by Dave Fratello on Monday, October 31st, 2011 at 10:18pm.

That was quick.

Just 10 days ago, we pointed out that the median PPSF for the Tree Section this year is $584/PSF, with the low for Q1-Q3 2011 being $415/PSF at 700 13th (7br/5ba, 3100 sq. ft.).

Now a new low for the Trees for the year has been set, another 9% below the last low.

That came at 1908 Elm (4br/3ba, 3520 sq. ft.), a mid-1980s build that had been somewhat refreshed recently.

The recent sale at $1.330m of this very large home wound up with a PPSF of $378/PSF.

Sub-400? 

1908 Elm had a somewhat tough time in 2 listings over the past couple of years.

The home made it onto an MBC list in July 2010 as one a few "ugly ducklings." (Face it, it was.) It ran 4 months from $1.590m down to $1.499m, then quit.

Coming back this year, after that refresher, it was up again at $1.590m. It took time – more than 7 months on this listing – to drive it down another 16%. But that made the deal.

Speaking of sub-$400 prices by the foot, we never got around to mentioning the Hill Section's low for who-knows-how-long, 707 Anderson (5br/4ba, 3800 sq. ft.).

When that big early-90s Spanish closed up at $1.500m a month ago, it carved out an amazing $395/PSF.

Turns out, that was just a down payment. The home will be thoroughly gutted and redone. But somewhere down the road, all-inclusive, Anderson will probably still wind up with one of the lowest costs by the foot in recent memory for the subregion of the Hills.
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