Rebuilt, Repriced on 1st

Posted by Dave Fratello on Friday, February 5th, 2010 at 9:25pm.

Last year a very tasteful, custom Spanish remodel was completed at 517 1st. By October, it was on public offer at $1.899m.

With a bold, single cut Friday, it's at $1.599m, and looking very different as a result.

An essentially new, moderately sized (4br/2ba, 2550 sq. ft.) home in the South End, with a kid-friendly bonus of being right near Robinson School's athletic fields, for $1.6m?

In context, that looks like a serious deal.

We would also note that the current owners bought 537 1st for $1.365m in July 2004, some years before undertaking the major rebuild. After costs of sale at $1.599m, it seems unlikely they'll recoup their costs of ownership and remodeling. 

Look just up the block for a surprising contrast:

437 1st (4br/3ba, 2600 sq. ft.) sold for $1.610m in June 2008. Though that mid-80s home was remodeled, MBC called it "jumbled" and "quirky." The home featured a peculiar layout and mostly standard-issue materials.

The main advantage 437 has over 517 is that the garage is accessed by the alley, whereas at 517 1st, the garage faces 1st St.  Both homes share the location liability of 1st as a busy neighborhood through street.

In MBC's first mention of 517 1st last year, we pointed to the sale at 437 1st and said: "Now, a year later, you can get a home that's mostly new for not too much more."

Now you can get it for less.
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