Pricing Poll: 1413 Pine

Posted by Dave Fratello on Tuesday, January 15th, 2008 at 5:13am.

MBC's first pricing poll last week was a kick and generated some thoughtful opinions, so we'll try this again.

This poll is a little different. Our subject last time, 1829 Poinsettia, seemed rather obviously overpriced and had spent several months on the market.

Our new candidate is a listing that's less than a week old as we write. 1413 Pine (click for details via Redfin) is attractive and nicely located, and might be well-priced. It could sell in 10 days or 110.

Please take a moment to read the story and log your vote. We'll close the voting Thursday night at 9pm.

The home at 1413 Pine was rebuilt in 1998, a big-time addition to a small original house. (There's no trace of the original except the office downstairs.) It offers 3br, 3ba and 2200 sq. ft. on a lot that's just below average in size at 4250 sq. ft.

Living spaces: The living room, dining room and kitchen flow together nicely with a very spacious feel. The master upstairs is a good size with high ceilings and a spacious bath. The other two bedrooms – also upstairs – are comfortable and bright, although they share a hallway bath.

Location: There are many "hearts" of the Tree Section, to judge by the ads you see, but 14th and Pine definitely qualifies as one of those hearts.

Curb appeal: Terrific. You may know already that MBC swoons a bit for the Craftsman look; this execution is tight and attractive.

Mitigating factors: The biggest downside for any buyer is the vintage of the remodel. Ten years is not so long ago, but the flooring, kitchen and master bath just feel outmoded, even if they're solid. (We need not log a strike for the blue carpet, since that's easy to rip out.)

It's conceivable that updating things to your liking would take less than $100k, and we don't doubt that the eventual buyers will promise themselves to do that work some day.

Also, the back yard is tiny in a way that you usually see in new construction, and it's just blah. Needs a refresher.

Overall, this is a home that feels much larger than its 2200 square feet. If you don't need more than 3br and can put up with a slightly dated kitchen and baths, you'll be drawn to 1413 Pine.

So is it priced right at $1.759m?

That price is $800/PSF. Four recent sales of homes near this size:
  • 2208 Poinsettia: $694/PSF
  • 3404 Pacific: $734/PSF
  • 2615 Valley: $756/PSF
  • 3108 Poinsettia: $789/PSF
(For more sales information, please download the market update spreadsheets and see page 2 of the Tree Section for sales.)

These sales suggest the price isn't outrageous by the PPSF measure.

That said, we haven't seen anyone pay much more than $1.5m for a Tree Section home of about this size since MBC began public tracking in March 2007, with just two exceptions:
  • 3108 Poinsettia (there it is again!), which offered 4br/3ba and 2220 sq. ft. and fetched $1.751m in a deal struck in late Summer that closed Sept. 10, 2007, and
  • 2305 Pine, which got $1.57m for 3br/2ba and 2000 sq. ft. in a deal that closed in August.
So, when buyers size up the pros and cons, where will they end up? Please vote on what you think the final sale price will be, and explain your vote in the comments.

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UPDATE: As a commenter noted, the neighboring home at 1417 Pine sold off the MLS in May 2007 for $1.7m. It featured slightly more square footage (2340 vs. 2200) and a 4th br. The PPSF was $727, which would equate to $1.599m for 1713 Pine.
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