A Selection of Sand ClosingsPosted on Tuesday, August 18th, 2009 at 2:30am.
From the plateau: A new construction sale at 425 26th (5br/5ba, 4200 sq. ft.), a different sort of contemporary with views of treetops, ocean and PV over Grandview.
Start price pre-completion about 500 days ago: $3.75m.
Sold for: $2.3m (-$1.45m/-39% from start). The lot was acquired for $1.725m, and the difference ($575k) simply cannot cover the costs of construction.
From El Norte: 125 El Porto (3br/4ba, 1950 sq. ft.), held just several months before being offered up for sale again, sold for a loss. In July 2008: $1.395m. Feb. 2009 start: $1.549m. Closed price: $1.325m (-$70k/-5% from a year ago).
From The Strand: 3216 The Strand has closed for $4.7m, same as its last list price. In May, just a few doors away, 3404 The Strand, with livable buildings needing updates, closed for $5.35m. Lots are the same size; we'd guess the fates of the current buildings begin to diverge now.
From the flat walkstreets: Two recent closings, one off the MLS.
First, 444 8th (3br/3ba, 1500 sq. ft.), a smallish cottage with tons of crisp updates and all of the charm you could ask for in a walkstreet home, sold near asking at $1.820m.
That's a very impressive $1,223/PSF, showing what's possible if you nail every detail like this one did.
Second, 424 5th (4br/3ba, 1925 sq. ft.), also a cute, midblock walkstreet cottage, didn't do quite so well. As had been well documented here at MBC, lots of readers did not like the "flip-flop" layout, with kitchen and living spaces upstairs.
After a hugely over-ambitious start at $2.399m last September, 424 5th drifted down to $1.799m, then up another $100k. The listing canceled off the MLS recently but tax records show a sale at $1.630m (-$769k/-32% from start) in early August, equal to $847/PSF, or 30% less than the PPSF on 8th.
Now, as to the remaining flat walkstreet cottage, 429 7th, what's it still doing at $2.1m?
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