Small Sand Values

Posted by Dave Fratello on Thursday, July 14th, 2011 at 10:02pm.

Yesterday we discussed two Tree Section listings just over $900k. Today we'll move much closer to the beach and go under $900k.

There aren't many offerings in the Sand that will get you into the South End, near downtown and under a million. But recently we've seen 2 nearly neighboring properties fitting that description sell for about the same price.

First was 905 N. Valley (2br/2ba, 1300 sq. ft.), a smallish early-60s box in original condition that needed absolutely everything.

We found it easy to call 905 Valley "a blank canvas for a somewhat ambitious small family or, perhaps, a careful flipper." The property was listed for $849k and sold for somewhat more: $870k, in May.

Besides needing work, the home's downside is readily apparent – the location along Valley invites substantial traffic noise into the home.

But the upside is less obvious from the exterior: 905 Valley boasts a substantially bigger lot (2270 sq. ft.) than the half lots that mostly populate Valley. The existing flat, cracked concrete back "yard" is one of the things that needs attention, but if you view the whole home as a "blank canvas," maybe you can imagine a lush yard with a few palm trees making the yard a real attraction. This one will be interesting to watch as they do the remodel.

817 N. Valley (2br/2ba, 1420 sq. ft.) is a mid-50s original that's been remodeled along the way, though hardly to 21st-century standards.

In our first review, we said, "The home definitely has the feel of a beachy rental with some party nights in its history. You enter the downstairs space through a curtain of beads. The downstairs space offers a built in bar/kitchenette, and the bath lacks a shower, but offers a jacuzzi tub. Paging Jimmy Buffett."
817 hit the market at basically the same time as 905, and it was obviously the more livable of the 2 as is. To reflect that, it started considerably above 905 at $999k. However, while 905 got bid up, 817 got cut down to $875k (-$124k/-12%), meaning both of these properties sold for nearly the same amount.

Worth noting: The lot at 817 is 25% smaller than that at 905, offering little more than a small patio.

At this point, there's nothing south of the pier in the Sand priced below $1.1m, underscoring how unusual these deals were.
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