Shortie By the Sea

Posted by Dave Fratello on Friday, January 6th, 2012 at 6:33pm.

What is it about 19th St. this past year?

Already there's a short sale pending in the 300 block east of Highland on 19th (329 19th).

Now another emerges in the 100 block?

130 19th is not a new listing, exactly. It logged about 6 months at notably unrealistic prices, beginning at $3.5m in July last year.

What's new is that this Strand-close, beach-close scraper has suddenly dived to $2.795m and has become a short sale.

That 3.5 price always struck us as one borne of overconfidence.

The sellers seemed to be saying, "Yep, we've got a rare gem here, and someone is really going to pay us for it." When the price hit $3.2m, that seemed to be about as generous as they were going to get.

But things change. It's down $700k from the start and short.

The home itself is gamely touted as a potential remodel, whereby one might take advantage of the "shorter front setback" – that is, you could continue to poke out in front of your neighbors and enjoy better views as a result, if you refashion the current (1939) house. Maybe, but not likely. Didn't we already call this a scraper?

The new 2.8ish price immediately calls to mind 2 recent 100-block trades in the teen streets nearby.

Those would be the Summer 2010 sales at:
  • 117 17th, currently a building site, purchased off-market for $3.050m (yep, $450k more than the neighbor where they actually made use of the structure).
The short-sale offering price for 130 19th falls right between those fairly recent sales.

It also shows some welcome/necessary downward movement from 132 20th (5br/5ba, 4000 sq. ft.), a different kind of 80s wreck that's being gutted and redone now. (For more on 132 20th and other "teen streets" sales, see "Action in the Teens" from last August.)

20th sold for $3.3m in April last year, reflecting the utility of the structure to the new owners. What was the land value there? Maybe 2.7-2.8?

Meantime over at 19th, it seems that a kind of urgency is going to help drive a deal. You might bet on a pretty good dirt price for the 100 block when all is said and done.
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