There has been no doubting the pricing trend on Sand Section townhomes: Up.
They've just pre-sold one new construction townhome on Manhattan Ave. south of the pier for a reported $5M, and now the back unit of that complex-to-be is looking for nearly 6.
Early this year you had 611 Bayview (3br/4ba, 2720…
There has been no doubting the pricing trend on Sand Section townhomes: Up.
They've just pre-sold one new construction townhome on Manhattan Ave. south of the pier for a reported $5M, and now the back unit of that complex-to-be is looking for nearly 6.
Early this year you had 611 Bayview (3br/4ba, 2720 sqft.) setting the tone, coming in with a closed sale price of $4.650M – a case where the prior sale on the same unit was just 2 full years prior at $3.250M, or 43% less.
In context, then, the Feb. 2016 sale price on the brand new, large townhome at 428 23rd (4br/5ba, 2735 sqft.) at $3.745M might not have been too much of a shock.
Even if it was a bit of a shock.
The 400 block of 23rd is a nice location. We've got clients right nearby. This unit was brand new, modern, crowd-pleasing and had some good ocean glimpses from the front, and an ample deck to enjoy them. It's substantially larger than other MB townhomes thanks to the 40-foot wide lot (typical would be 30 feet, and yes, width matters).
But the location, quite a bit east of Highland on a flat part of the street, isn't your prototypical "ocean view townhome" location. It was quite a sale, all things considered – a nice score for the builder, to be sure. The oversized lot (3600 sqft.) on which 428 23rd and another unit were built had been acquired for "only" $2.6M back in 2014. (The lot once hosted a 1930s Spanish that had been dressed to the nines [see here]... for a date with a bulldozer, as it happens.)
With the "front" unit sold, next would come the sale of the back unit.
At 429 Marine Place (4br/5ba, 2710 sqft.), they waited till all was fully ready in April to launch the listing.
With a home similar in size to the attached (front) unit just sold, they went ahead and began at a comparable price: $3.795M. Actually, that was more money (by $50K) for the alley unit.
A month later, in early May, about $300K came off the top.
At the end of May, $300K more came off.
At $3.199M, the unit is now priced 16% under the start price before the 60th day has tolled on the MLS. (That's -$596K, if you prefer whole numbers.)
Surely, the alley unit of a townhome set is usually worth less. We'd have to research to see if that's commonly 15% or more.
One message seems clear. They don't want 429 Marine Place on the books much longer: "Come and get it."
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Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 4:15am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.