Shaving for Summer

Posted by Dave Fratello on Friday, June 27th, 2008 at 5:12am.

Up on the plateau – the flat Sand Section streets above Sand Dune Park – there's a great home that's moving closer to, well, moving.

417 28th was purchased new in Sept. 2005 by a local realtor for $2.550m. (We note this because, at one time, the ads on Craigslist highlighted the fact that the agent was selling his own home.)

It's a huge house (5br/6ba and 4600 sq. ft.) for the area, with big ocean views from the top floor. It's warm with nice cabinetry, flooring and other finishes. The corner lot is a nice bonus.

28th hit the market April 3 this year at $3.495m. Someone was looking for about a mil in profit 2 1/2 years later.

That, however, was not in the offing.

No takers after 6 weeks, so the agent/owner pulled a bogus re-list in mid-May, while dropping the price $200k. Hence the current, alleged "44" DOM. (Golly, if it only started in mid-May, how come MBC was talking up the first weekend's open house in early April?)

This week, another $200k came off. They're shaving for summer. It's at $3.099m. And now you can start to see 2 things:
1) The sellers are bending; and

2) Maybe the sellers are serious, not just testing the market.
At the current price, 417 28th is marked up $549k/21%. Still pretty sweet.

But where should it end up? The only real recent comp is the "Brownstone" nearby at 428 27th. It was not as big (4125 sq. ft. vs. the 4600 for 417 28th). That one began at $2.899m and sold for $2.712m – $658/PSF.

Meanwhile, 28th is a tad higher at $674/PSF. At $658, it goes to $3.015m.

If it ultimately sells in that territory, 417 28th would be the priciest Sand Section SFR sale east of Highland in 2008. Can they do it, or do they need a bigger haircut?
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