Spectacular, But Shifting Fast

Posted by Dave Fratello on Tuesday, November 25th, 2008 at 11:32pm.

We've had only good things to say about 220 35th, and the feedback has been much the same.

Here's a beaut with big ocean views on a walkstreet west of Highland. Modern and yet warm, maxed-out size-wise (4br/4ba, 4200 sq. ft.) but cozy. It's truly unique, as befits a custom build by a custom builder who intended to live in the home himself.

Finding the right price for this baby has not been easy, but they're trying, and they're not playing a waiting game, either.

When first the home was offered for viewing not so long ago in early October, no price was printed on the flyers. We got word that it would be $5.5m, and considered that reliable enough to print (virtually) at that time.

Turns out, the true start price was $5.0m. After two steps down, it's now at $4.395m. (That's -$605k/-12% off the true start, -$1.1m/-20% off the tentative start price.)

This is same the path followed – over a longer period of time – by a neighboring, also-fairly-spectacular newbie at 221 34th, which began at $5.4m and is now even further down than it was at our last report.

221 34th is at $3.799m today, after 220+ DOM, down $1.6m/-30% from its start.

Location is probably working against both homes to an extent, but it's hard to tell with the general slowdown. Despite ample supply, we haven't seen much movement on the beach-adjacent walkstreets. We're only sure of 3 sales this year, one still pending. (See "A Flood West of Highland." Many now-inactive listings in that story have canceled.)

Much closer to downtown, 19th St. has seen 2 of those sales this year.

Back in March, 200 19th (pictured) made a splash, quickly grabbing $5.6m for a new home (5br/4ba, 4200).

That classy home seems to have set the high-water mark for the year among the fabled west-of-Highland walkstreets.

Within the last couple of weeks, 220 19th (newer, 5br/4ba, 4325 sq. ft.) went into escrow, last priced at $4.850m.

The only other sale we're sure about in this coveted area of the Sand was at 121 25th (4br/4ba, 3000 sq. ft.), a $3.0m resale that happened quickly – before the listing hit the MLS. (That one, not incidentally, went below its April 2007 acquisition price of $3.25m.)

So it's surprisingly tough by the beach. Not everyone is content to wait for the weather to warm up again.
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