Sand Dirt in the 8'sPosted on Friday, October 23rd, 2009 at 12:25am.
What it lacks in size or prestige, the 1/3rd-size lot can, at least, boast in location. That's the sand and Strand to the left (west) in our pic, snipped from the Redfin page on the property.
Sale price a couple weeks ago: $885k, or about $1,105/PSF if we consider only the beach-close dirt.
In fact, the new sale price is down $165k (-16%) from 2006, consistent with the value drops on 7 other properties purchased in 2006 and listed on our 2003-06 acquisitions spreadsheet that was mentioned in MBC's story last week, "How Resales of 2003-06 Purchases Are Faring." (We've now put that spreadsheet under the "MB Market Updates" pull-down menu for easier, future reference.)
On the plus side, zoning appears to allow for a couple of townhomes here.
Market watchers will recall that this listing has been offered on and off for well over a year – its debut came May 14, 2008, at $1.365m. At some point this year, a buyer emerged but failed to perform, returning the property to market in late September. (As an "Incredible Opportunity," per the listing.)
A sale came quickly this time. Closed price last week: $855k, a reality check of more than $500k off the start price last year.
The ostensibly full-size lot (~2700 sq. ft.) is oriented wide along the alley that is 33rd Place. Though the listing touted it as "perfect as a future building site," there would be some utility-pole challenges to using the lot as one might wish.
More likely, this one was valued as a cheap way into town, with a spiffy little 1930s house (2br/1ba, 900 sq. ft.) on the land, opening to a reasonable yard. No real (21st century) garage, but half the lot's good for parking.
Sale price last week: $800k. Were someone looking at the land for development, you'd see a PPSF for the dirt of $297/PSF.
Note: The MLS shows a sale price of $835k, but tax records show $800k.
We've also got another late-bubble investment gone bad here.
In May 2005, someone bought this property for $1.160m and held on for just 5 months. (Intriguingly, they bought it from a local realtor whose name is synonymous with REOs, who had held it since 2000.)
The most recent owner picked up 444 33rd Place for $1.260m – a cool $100k markup over the space of a few months, financing 90%.
A very long time ago, in April 2008, the property was offered for what seemed a rescue price of $1.299m, but that was not to be. NODs began early in 2009, and the property was slated for auction by Summer.
Though the listing was not (visibly) listed as a short sale or REO, a bank took the brunt of this loss. As to the neighboring land values, that remains to be seen.
Found this story intriguing?
Then please make a donation to the MB Education Foundation by sponsoring MBC's pumpkin race team. Help us reach our goal of raising $1,000 for the kids, and you'll help MBC gain mention as a sponsor at this weekend's events!
You needn't attend or race. You will get a tax deduction. Donations are handled entirely by the Pumpkin Race web system. Please contribute $100 or more today!
comments powered by Disqus