Recent East MB Sales Around $1.6m

Posted by Dave Fratello on Thursday, August 9th, 2012 at 4:49pm.

We'll continue our look here at what should be typical family homes in MB selling for around $1.6m-$1.8m. Yesterday we looked at the Tree Section, today East MB.

East MB

1461 9th
1461 9th (6br/4ba, 4100 sq. ft.) is the largest of the recent sales we'll be looking at, a very typical late-90s spec home with 4k+ square feet. (Build date: 1997.)

Typical, except where it's not. The home is built into a downsloping lot (are you noticing how common these are?) and, as a result, is replete with little sets of stairs. It's not a split-level home, exactly – all the main living areas downstairs are kind of on one level. It's just that every room downstairs has its own set of 2-3 steps up or down for access.

Typical, except for the 2, not 1, downstairs/ancillary bedrooms. Do you need 2 guest rooms? Or one plus office? Or is this a waste?

The layout, dated kitchen and overall feel of the place were instant turnoffs for a couple of our clients. And the home's 98-day run on the MLS was a near-eternity in a hot Spring. 

But they eventually made their deal, dropping from $1.850m asking to $1.699m (-$151k/-8%) in the final sale.

1617 Mathews
1617 Mathews (5br/4ba, 3350 sq. ft.) is an even earlier-90s home (1993) that hasn't gotten much of an update since then.

In a review, MBC said "they're really over-hyping this one when the listing describes it as 'wonderfully detailed' with 'stunning' elements." Instead, we called it "a pretty good base for a substantial update," noting also that the location "is something of a drain, just a block from the high school and Artesia."
After a start at $1.679m, they closed 7% lower at $1.565m.

Interesting, is it not, that both homes had to come down 7-8% to find their market in this fairly sizzling market? Anyone can overshoot to start. 

1717 9th
1717 9th (4br/3ba, 3225 sq. ft.) didn't take that kind of hit – maybe because they priced it better to begin. It's going to have the highest PPSF of the East MB sales we're looking out.

We called this one "a slightly confused home showing much of its 1980s vintage, but with some notable updates (like the kitchen) and a big surprise asset... a big outdoor room, complete with fireplace, TV and bar." Very cool feature, newly added.

The home lacks an extra office or bedroom downstairs, with all 4 br upstairs. The master bath desperately needs an update.

This one traded in Sept. 2007, without the outdoor room, at $1.689m. This year, the sellers asked for $1.599m, and came very close, ending up at $1.585m.

1751 3rd
One pending deal that we expect to see reach into similar territory is a large home at 1751 3rd (5br/4ba, 4125 sq. ft.).

That one officially sports a 1992 build date, but what we think we see is a massive addition/rebuild from around that time. Inside the home has a newer kitchen and other updates. They listed at $1.499m, but it was quickly bid up and will approach $1.6m territory if all goes well.

Current, comparable inventory is limited to 1521 Curtis ($1.599m) and 1324 Marine ($1.485m). 
comments powered by Disqus