Sand Lots Moving

Posted by Dave Fratello on Wednesday, March 17th, 2010 at 4:39am.

Just last week, there was one surprise in the walkstreet-dirt category, when 405 9th sold within about 6 weeks of launching at the much-too-high price of $2.3m. Expect it to close nearer to $1.8m or below.

Turns out, that was just one in a series.

Less than 2 weeks ago, 416 6th came out at $1.779m and almost instantly had a deal for more.

The home's a mess, so watch for that to be vastly reworked or, more likely, 'dozed. 

Similar story at 125 8th (pictured) – like 416 6th, it began on March 4 and had a deal within 10 days.

Unlike 6th, 125 8th made a run for several months last year without success, at a higher price.

This Spring, at 10% less ($2.995m), it found its market. (We first covered 8th last year in "Downtown Cottages at $3m.")

8th is a different bird, an older cottage on the downhill, Strand-adjacent walkstreet west of Manhattan Ave., clearly livable and pretty charming.

It's not clear whether this buyer will keep or scrape the existing structure, but the value is clearly in the land, and let's not act surprised if a custom build graces the location a couple of years hence.

The odd lot out, for the time being, is 317 8th, at the corner with Crest, newly at $1.679m. Crest turns out to be a bigger liability than maybe was apparent at first.

We're just pulling the threads together now, and can't say definitively that none of these recent sales are going to builders. But among the land purchases recently, we know several were to private parties for custom builds – the trend of the moment in local development.
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