Quick is Quick in the Trees

Posted by Dave Fratello on Monday, June 1st, 2009 at 7:10pm.

Welcome to Spring, almost Summer, where the Tree Section is blossoming a bit.

We have seen one very quick sale, plus one surprise. And a new offering looks like a candidate to be next.

1812 Palm (5br/4ba, 3225 sq. ft.) was available less than 10 days at $1.899m, and drew a few offers. (This one was mentioned in its debut weekend in our Memorial Day "Weekend Opens" feature.)

It's a late-90s build that has all the look of new construction, including familiar layout and updated kitchen.

Location is a clear plus that best explains its 1999 price: $1.215m and the quick sale at a premium this year.

Yes, even in turbulent times, that old maxim holds true.

2200 Palm (can be viewed while in "backup offer" status) (4br/4ba, 3650 sq. ft.) drew MBC's notice in early May for a "Weekend Opens" feature and got some decent feedback. It's substantially the priciest of the 3 homes mentioned here, at $2.195m, and, while it didn't go immediately, 45 days or so is plenty speedy these days.

Once again location is a nice plus: a quiet, kid-friendly block. The wide lot gives the home something extra inside and out; the updates to this custom mid-90s home help, too. An inspired back yard breaks up the space nicely and adds a custom spa disguised as a water feature.

We would not be surprised to hear about a substantial discount on this home, which was priced above the waterline for similar offerings and appeared to be a lark listing, someone fishing to see what they could get. All we're sure of is that they got a bite.

748 31st (3br/3ba, 3525 sq. ft.) bleeped onto the radar on Friday and is currently "on hold," we don't know why. (Link is inactive while the listing is on hold, but should fix itself if it goes active again.)

Here again the location is a giant plus – MBC has labeled this stretch of 31st one of our "Great Streets" for the tree canopy and abundance of street-to-street lots.

For a big, tasteful remodel with some remaining early-90s echoes, a price of $1.699m looked like a misprint, otherwise it's a real deal. PPSF is in the higher 400s.

Consider also the acquisition price from late 2003 (Nov.): $1.425m. A markup of $274k (+19%) is plenty healthy but not overwhelming.

It is intriguing that all these homes share traits of a 1990s vintage and plus locations. That's some indication of what buyers want – where they're willing to compromise (not insisting on new/newer), and where they're not (location) for homes above the $1.5m threshold.
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