Some of This Week's Sales

Posted by Dave Fratello on Friday, October 5th, 2012 at 3:43am.

You have to love the diversity of MB real estate.

One way to tell (part of) the tale is just to look at some of the most recent closed sales:

424 2nd (3br/4ba, 2550 sq. ft.) is nothing snazzy or special or perfect from any angle, just like all the other recent $1.7m-ish sales in the South End of the Sand Section.

$1.7m seems like the "new normal" for something smallish and flawed, totally livable and kinda lovable, but really needing something more... in the hallowed South End.

The poor photos don't do the home much justice. It's a good layout. Huge garage. Comfy place. But it could use a lot. We hope it does not wind up a lot sale. (We've heard conflicting things about the plans for the property.)

Recent comps:
  • 552 3rd (3br/3ba, 1850 sq. ft., $1.699m), 

  • 421 3rd (4br/3ba, 2500 sq. ft., $1.809m), 

  • 437 1st (4br/3ba, 2625 sq. ft., $1.730m) and  

  • 521 2nd (3br/2ba, 1425 sq. ft., $1.370m, looking more like a lot sale now).

1773 Mathews is part of this new modern complex
1773 Mathews (3br/3ba, 1800 sq. ft.) is the first of 4 new units in a new complex to close, and right at the asking price of $755k.

To look inside, you see architectural modern units decked out in a pleasing, wide-open style. We last discussed them 3 months ago in "New Condos: Half Gone," when the first, quick deals were announced on the newly completed units.

New, 3br, 1800 sq. ft. – sounds a little like units in the 2002-built Aviation Place complex. (See "Hoppin' at Aviation Place.") And like Aviation Place, these are (shockingly) east of Aviation Blvd. but still in MB. Aviation is obviously an imperfect dividing line.

Unlike the Aviation Place townhomes, this new complex lacks the cool common areas – stoops, grass, basketball courts, etc. – that can create a "community" feel.

But they still get you into the schools for $750k.

2319 Grandview (3br/4ba, 2400 sq. ft.) obviously has a challenged location. It's a TH right across the street from an elementary school and its parking lot.

We always thought the build quality was notably above average, warm, different. For instance: true, old-wood, distressed floors, with wooden pegs. Views to the east over the treetops that felt kind of endless. Big and little details made it special. (For more, see our Sept. 2011 review.)

Quality seemed a hopeful sign.

But, wow, did the market reject it.

This TH ran more than a year before securing a deal.

A year! Most of which was 2012! Hey, what about that conventional wisdom about good properties selling quickly this year?

Oops, it crashed into the oldest conventional wisdom known to R/E: Location, location, location.

So here's the price progression: $1.895m new in July 2008, asking $1.850m in late Sept. 2011, sold for $1.665m now in Oct. 2012 (-$230k/-12% off 2008).

A couple of other notable new sales:

119 35th Place (3br/3ba, 1150 sq. ft.) is one we called "a smallish and original 1960s box, feeling pretty tight all around and needing every kind of update." (See our review from late August.)

It's a half-lot SFR that could continue to work as a rental, or might get scraped. Being just a couple doors up off The Strand, it's always going to be a candidate for redevelopment.

This dated mess launched at $1.2m and closed a tad higher (can you say "multiple offers?") at $1.220m

Wow, wow, wow – they just posted 931 Boundary Place in mid-September, and here we are with a closed sale.

If you know deals, it's just hard to force everything together this quickly. Obviously there's no loan, and that's going to confirm our suspicion that this alley lot will be redeveloped at once. (Get ready, neighbors, for the noise.)

The attraction of a small (4400 sq. ft.) lot in the Hill Section on an alley abutting Hermosa is limited, but there may be some ocean peeks here, and you get into a great area and elementary, and, well – every home purchase involves some compromises.

931 Boundary came out at $999k and closed for $900k, super-quick.
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