Back in January we let you know about
433 Marine Place, a full-size lot (2700 sq. ft.) along a nice street just steps from Grandview elementary and with ocean-peek potential.
In "Steal This Sand?" we took particular note of the start price:
$725k. That was really not much for a lot on a nice block of the Sand…
Back in January we let you know about
433 Marine Place, a full-size lot (2700 sq. ft.) along a nice street just steps from Grandview elementary and with ocean-peek potential.
In "
Steal This Sand?" we took particular note of the start price:
$725k. That was really not much for a lot on a nice block of the Sand Section, zoned for townhomes.
Of course, that was just a come-on price, meant to draw a bunch of bidders and set the market price through a slow, "unlabeled auction," as we said then.
Now the "auction" is over and the sale price has posted:
$957k.
That seems just about right. In January, MBC said:
On the same block more than a year ago, 442 23rd St. sold for $1.325m. That's an odd duplex (2 separate structures) on a larger lot (40x90, 3640 sq. ft.)... That sale hints at a value for 433 Marine Place below $1m, but we would not be surprised to see it go higher based on other comps.
It didn't go higher, it went under $1m as we anticipated.
Build the townhomes on this site, and the market might be pretty nice for them. Right next door,
436 23rd (3br/4ba, 2470 sq. ft.) sold for
$1.475m late last year. That unit benefited from the larger lot size and resulting larger TH size, but it was also a dozen years old and something new would be, well, new.
You can pencil out something around $1.5m+ for each new unit and measure that against the lot acquisition price – that could be a profitable development.
We'll check back in whenever they get under way and when the new units hit the market.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 3:15am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.