spec dev't 
There are currently 11 blog entries related to this category.
Close the Books on 128 18th
Monday, July 23rd, 2012 at 6:58pm. 158 Views, 0 Comments.
The biggest spec construction sale of 2012 is now committed to history.
128 18th (5br/5ba, 4000 sq. ft.) is a new "tropical contemporary" in one of the best locations in town, period, given that 18th is probably the best of the teen streets west of Highland.
The sale wasn't quick – 5 months on market – and it didn't crack $6m, as had been the original ambition with a $6.1m start price.
The final price: $5.650m.
Most of the recent sales in the 100- and low-200-blocks are right in the same $5.6m-ish range:
128 18th (5br/5ba, 4000 sq. ft.) is a new "tropical contemporary" in one of the best locations in town, period, given that 18th is probably the best of the teen streets west of Highland. The sale wasn't quick – 5 months on market – and it didn't crack $6m, as had been the original ambition with a $6.1m start price.
The final price: $5.650m.
Most of the recent sales in the 100- and low-200-blocks are right in the same $5.6m-ish range:
- 128 6th at $5.595m (Jan. 2011);
- 209 16th, pre-completion new construction, now in escrow with a list price of $5.6m; and
- 200 19th at $5.6m (March 2008).
Close the Books on 1st Speedy Speckie
Tuesday, February 21st, 2012 at 3:49pm. 163 Views, 0 Comments.
They finally did it. They sold one.
The first of the 6 Speedy Speckies, 2516 Pine, has now closed.
Sale price: $1.775m.
Of note: The listing agent also represented the buyer.
That sub-1.8 price is quite a step down from the very first posted asking price, $2.199m, from last May. (See "$2.2m for First Speedy Speckie.") They did adjust that request quickly down to $1.999m before the end of May, but you could see the heights they were reaching for.
The sale here is the conclusion of the second deal that had been posted for 2516 Pine. Upon the first note that this one was in escrow, MBC asked readers to weigh in on what they thought this first spec home of the group might sell for.
As we reported in "Your Ex(spec)- tations on 2516 Pine," a…
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| 2516 Pine |
Sale price: $1.775m.
Of note: The listing agent also represented the buyer.
That sub-1.8 price is quite a step down from the very first posted asking price, $2.199m, from last May. (See "$2.2m for First Speedy Speckie.") They did adjust that request quickly down to $1.999m before the end of May, but you could see the heights they were reaching for.
The sale here is the conclusion of the second deal that had been posted for 2516 Pine. Upon the first note that this one was in escrow, MBC asked readers to weigh in on what they thought this first spec home of the group might sell for.
As we reported in "Your Ex(spec)- tations on 2516 Pine," a…Weekend Opens (1/14-1/15)
Saturday, January 14th, 2012 at 1:21am. 166 Views, 0 Comments.
It's a funny mix this week: A hot Hill property and a new, quick Tree Section spec home leading the news. A few sellers are trying to get the jump on the Spring rush.
But first, let's all send some positive vibes out to our friends and family in the nation's midwest and east, where Winter has finally arrived and the snow is going to start piling up for a while. (This pic is from Chicago.)
We know exactly how they feel. Friday morn was "snow day" at our preschool here, and for the 30 minutes the kids were running around in the white stuff, we had (brief) flashbacks to those long-gone days of shoveling sidewalks, scraping windshields and roaming the neighborhood on foot to help free stranded motorists.
Then the kids went back to their class, and the mercury…
But first, let's all send some positive vibes out to our friends and family in the nation's midwest and east, where Winter has finally arrived and the snow is going to start piling up for a while. (This pic is from Chicago.) We know exactly how they feel. Friday morn was "snow day" at our preschool here, and for the 30 minutes the kids were running around in the white stuff, we had (brief) flashbacks to those long-gone days of shoveling sidewalks, scraping windshields and roaming the neighborhood on foot to help free stranded motorists.
Then the kids went back to their class, and the mercury…
2011: A Year of Highs, Part I
Wednesday, December 28th, 2011 at 3:38pm. 187 Views, 0 Comments.
Real estate news is mixed nationally, but one thing stands out as we start to look back at 2011 in MB: There were some ceiling-busting deals.
Let's take a little tour over the next couple days. And here's a hint: We're saving the biggest news for Part II.
Tree Section
If you think Tree Section sales over $4 million are at all routine, check yourself. There have been a few, at the lower end of the 4s – mainly new construction in 2008, to be specific.
But this year...
533 15th (6br/6ba, 5300 sq. ft.) sold for $4.7m.
Is this home worthy of being the priciest-ever sale in the MB Trees? Well, one man's opinion is: Yes. (And this guy is reputed to be a bear.)
We've offered lots of superlatives on this home, calling it "simply one of the greatest homes in MB,"…
Let's take a little tour over the next couple days. And here's a hint: We're saving the biggest news for Part II.
Tree Section
If you think Tree Section sales over $4 million are at all routine, check yourself. There have been a few, at the lower end of the 4s – mainly new construction in 2008, to be specific.
But this year...
533 15th (6br/6ba, 5300 sq. ft.) sold for $4.7m.
Is this home worthy of being the priciest-ever sale in the MB Trees? Well, one man's opinion is: Yes. (And this guy is reputed to be a bear.)
We've offered lots of superlatives on this home, calling it "simply one of the greatest homes in MB,"…
11 – No, Wait, $5m – or Less
Friday, December 9th, 2011 at 5:24am. 172 Views, 0 Comments.
One of these days, they were going to sell the big new custom home at 116 Terraza Place in East MB.It just took upwards of 2 years.
And discounts of... are you ready?
... discounts of $5-$6 million from the original ambitions. That's a whole second house! And maybe a third and a fourth.
This week's closed sale price: $4.9m.
At one point in 2008-09, the builder's website had teased the coming attraction and suggested an $11m asking price, while the first post-completion listing on the MLS sought $10m. Last list price was $5.999m.
Everyone who's seen the place came away impressed, but shaking their heads at the asking price.
It turned out that debuting right as MB's market bottomed didn't help much, and remaining totally out of whack for months upon months was not…
Close the Books on 1901 Poinsettia
Thursday, December 1st, 2011 at 9:05pm. 171 Views, 0 Comments.
It was once a $2.5m offering, then a $2.0m sale, and now...
1901 Poinsettia (5br/5ba, 3200 sq. ft.) has closed for $1.810m.
Call that a 10% drop from acquisition, back in March 2008.
All in all, that's an impressive job of holding value here for a property that had lost the caché of "new" when coming up for resale this year. And we certainly know of other peak-year purchases that have lost more like 15-20% on resale.
The buyers back in 2008 had shaved a cool half mil off the overly ambitious start price. Perhaps they felt that, even with the nasty winds blowing at the time, the housing market starting to shake and rattle even here in MB, they had "baked in" the potential for future market declines. Nabbing a new home for an even $2.0m gave them one of the…
1901 Poinsettia (5br/5ba, 3200 sq. ft.) has closed for $1.810m.Call that a 10% drop from acquisition, back in March 2008.
All in all, that's an impressive job of holding value here for a property that had lost the caché of "new" when coming up for resale this year. And we certainly know of other peak-year purchases that have lost more like 15-20% on resale.
The buyers back in 2008 had shaved a cool half mil off the overly ambitious start price. Perhaps they felt that, even with the nasty winds blowing at the time, the housing market starting to shake and rattle even here in MB, they had "baked in" the potential for future market declines. Nabbing a new home for an even $2.0m gave them one of the…
Didn't They Just Buy That, Too?
Thursday, November 10th, 2011 at 2:30pm. 127 Views, 0 Comments.
We've had an uncommon run of déjà vu recently.
This week it's the return of 668 31st to the public market that had us saying, once again, "Hey, Didn't They Just Buy That?"
In fact, they did, but it was a year and a couple extra weeks ago that 668 31st last traded. Seemed recent, but nothing like the 5 weeks and 5 months between 2 other purchases and returns to market that we've written up here.
This corner-lot property – on one of MB's great streets – was always going to be a land deal, with the crusty 1940s bungalow mostly beyond repair and the lot unkempt and overgrown. The property was offered "as-is," no repairs... a scraper.
This story actually started 2 years and a couple extra weeks ago, when 668 31st first hit the market…
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| The scraper at 668 31st. |
In fact, they did, but it was a year and a couple extra weeks ago that 668 31st last traded. Seemed recent, but nothing like the 5 weeks and 5 months between 2 other purchases and returns to market that we've written up here.
This corner-lot property – on one of MB's great streets – was always going to be a land deal, with the crusty 1940s bungalow mostly beyond repair and the lot unkempt and overgrown. The property was offered "as-is," no repairs... a scraper.
This story actually started 2 years and a couple extra weeks ago, when 668 31st first hit the market…
Former Speckie Undersells Current Speedies
Monday, October 3rd, 2011 at 8:30pm. 146 Views, 0 Comments.
Maybe it should be no surprise that a resale of a newer home is coming out priced below some current spec homes.
Still, when 1901 Poinsettia (5br/5ba, 3200 sq. ft.) hit the market on Monday morning, we couldn't help but think of the 5 Speedy Speckies.
Poinsettia was the last spec home by the Speedy Speckies' builder to sell in MB's Tree Section before the new crop popped up this year.
Only a couple of weeks ago, the first of the newbies posted a deal – that being 2516 Pine, last at $1.899m. (See "Your Ex(spec)tations on 2516 Pine.")
Now 1901 Poinsettia opens at $1.849m, a modest $50k below several of the remaining new spec offerings. (1601 and 1605 Pine, with smaller lots, are at $1.799m each.)
1901 Poinsettia sold for $2.0m in March 2008, one of the very…
Still, when 1901 Poinsettia (5br/5ba, 3200 sq. ft.) hit the market on Monday morning, we couldn't help but think of the 5 Speedy Speckies.Poinsettia was the last spec home by the Speedy Speckies' builder to sell in MB's Tree Section before the new crop popped up this year.
Only a couple of weeks ago, the first of the newbies posted a deal – that being 2516 Pine, last at $1.899m. (See "Your Ex(spec)tations on 2516 Pine.")
Now 1901 Poinsettia opens at $1.849m, a modest $50k below several of the remaining new spec offerings. (1601 and 1605 Pine, with smaller lots, are at $1.799m each.)
1901 Poinsettia sold for $2.0m in March 2008, one of the very…
First Mistake on a Speedy Speckie
Tuesday, May 31st, 2011 at 1:09pm. 168 Views, 0 Comments.
Welcome back, and here's hoping you had a great holiday weekend. Thanks for permitting MBC a little (unannounced) break.
We did have a new South Bay Confidential column this past weekend, looking at the biggest price chops we've seen this year in the broader region. Hint: The bigger they start, the harder they fall.
As to weekend opens, this weekend, it looked like a virtual boycott of Memorial Day. We saw only one new offering [226 42nd, (3br/2ba, 1600 sq. ft.), $1.088m, pictured] in the Sand, and El Norte at that.
Alas, we didn't visit or review, but we're open to feedback from any who did.
So with the past behind us, let's turn to the news.
And once again, somehow, it seems to involve the Speedy Speckies.
Turns out, the launch price of the flagship of the…
We did have a new South Bay Confidential column this past weekend, looking at the biggest price chops we've seen this year in the broader region. Hint: The bigger they start, the harder they fall.
As to weekend opens, this weekend, it looked like a virtual boycott of Memorial Day. We saw only one new offering [226 42nd, (3br/2ba, 1600 sq. ft.), $1.088m, pictured] in the Sand, and El Norte at that.Alas, we didn't visit or review, but we're open to feedback from any who did.
So with the past behind us, let's turn to the news.
And once again, somehow, it seems to involve the Speedy Speckies.
Turns out, the launch price of the flagship of the…Speedy Speckies Sprout
Friday, April 29th, 2011 at 3:34am. 434 Views, 0 Comments.
Nationally, the numbers for new-home construction and sales continue to be "very depressed."
Locally here in MB, almost all of the new construction consists of custom builds for owner-users.
But it's hard to ignore the 5 new spec homes sprouting in the Tree Section these days.
Rather rapidly, the area has played host to a whirl of demo dozers, foundation-builders and, already, framers who have given shape to 2 of the 5 homes, and a third is very close to looking like a house, too.
Most recently, the last of the bunch, 1601 and 1605 Pine, were flattened. Already they've got the first foundation elements framed and poured.
Maybe you didn't get the memo yet. Some kind of Spec construction is back in the Trees.…
Locally here in MB, almost all of the new construction consists of custom builds for owner-users.
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| 2600 Pine has been split for twin speckies. |
Rather rapidly, the area has played host to a whirl of demo dozers, foundation-builders and, already, framers who have given shape to 2 of the 5 homes, and a third is very close to looking like a house, too.
Most recently, the last of the bunch, 1601 and 1605 Pine, were flattened. Already they've got the first foundation elements framed and poured.
Maybe you didn't get the memo yet. Some kind of Spec construction is back in the Trees.…
