Sand Moderns Move

Posted by Dave Fratello on Friday, September 18th, 2009 at 4:12am.

In the space of a couple weeks, 2 new moderns in the Sand Section have sold near $3m each.

Intriguingly, neither sported an "A" location.

305 20th (5br/6ba, 4100 sq. ft.) is a full-size, maxed-out new home that took less than 3 months on market to find a buyer.

MBC featured it in late June as it hit the market, noting that the "warm contemporary" sported "disappearing walls that open the living space out to a big ocean-view deck." Too see lots of pics, see the still-active listing website. (Click "forward" at the bottom to speed through the pics.)

The home is east of Highland, and – a bigger would-be negative – just one door in off that busy street. Those are concerns, but build a great, sleek home on a walkstreet, deliver big ocean views, and you can overcome that.

Pricing flexibility helped here, too. The listing began at $4.2m, but cut $500k to $3.695m and actually closed for $3.265m (-$935k/-22%). Those were real cuts, but that's still a respectable PPSF near $800. Of note: the sale closed very quickly, with the deal having been posted just a couple of weeks ago.

The lot for 305 20th was acquired for $1.525m in Feb. 2008, leaving $1.7m after the sale to cover construction, carrying costs and commissions. Those numbers have the look of a successful speckie.

Meanwhile, up in El Norte, a substantially smaller home on a half lot at 3611 Manhattan Ave. now has a deal just about a month after completion. (MBC noted this one in a "Weekend Opens" feature in mid-August, linking to a 3-D architectural video tour.)

This one was priced 50% higher by PPSF than 305 20th just closed at – about $1,200/PSF for a 3br/4ba, 2500 sq. ft. home boasting a west-of-Highland location, but also one nearer to Rosecrans than you might consider ideal.

A cool build helps. MBC described 3611 Manhattan as "one of the more ambitious custom contemporaries" in town and lauded its "sharp lines and mixes of quality materials – wood and stucco outside, great woods, stone and glass inside" in teasing the first open house. Several pics are still online at the agent's website.

The list price of $2.998m never changed, but we'll have to wait a bit to see if the buyers took much off. With the lot acquired for $1.2m in May 2007, this one, too, has the look of a profitable venture.

Not moving quite so fast: 304 16th Place (3br/3ba, 2100 sq. ft.), which has completed 11 months on market, has endured cuts totalling $420k to $1.779m, with no takers as of yet.

Likewise 502 24th, a big (4br/4ba, 3875 sq. ft.), fun, award-winning "green" modern with a big location issue across from Grandview Elementary. This one has been discussed several times at MBC (including in "Short in the Sand") as it has slipped to a price said to be, in the listing, "over $1,000,000 under what it cost to build." But it's still $2.995m.

Maybe there's hope as the market for beach-close moderns heats up before the weather is ready to chill.
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