Stronger Trees

Posted by Dave Fratello on Tuesday, September 7th, 2010 at 7:15pm.

As we see more of the Spring/Summer 2010 deals wrap up, the Tree Section is showing some real resiliency on prices.

2100 Walnut (4br/4ba, 3200 sq. ft.) is a 10-year old custom Mediterranean that MBC said back in June had "great touches everywhere and nice treetop views from the master."
With a good location and luxurious feel, we said it had "the look of a real deal" when it started at $1.999.

The closed price now, $1.915m, is even better – not at all exorbitant for the age and size of the home, and a strong comp for lots of neighbors.

If you missed it, you haven't completely missed the chance at something similar. Over at 1812 Elm (4br/3ba, 3060 sq. ft.) is a newer (2004) custom home that's built in much the same style, but with a different indoor/outdoor living layout downstairs and a change in the bedroom layout upstairs. Elm is at $1.890m now.


1724 Walnut (4br/3ba, 3325 sq. ft.) is a mid-80s build that was radically converted inside to something big and special with a massive remodel. (Curiously, the exterior was mostly unchanged.)

MBC called the location on a family-friendly block near Pacific School "terrific" in our first mention in May.

The sellers didn't have to drop much from their starting point to lock in a buyer. They began at $1.845m and the closed price has come in at $1.790m – definitely higher than we might have expected, though closely in line with value opinions we heard from a couple of agents when the listing was active.

1312 Ardmore (4br/3ba, 2600 sq. ft.) quietly came back this year after running for half of 2009 without a sale.

The home boasts a recent (2007) remodel, close-to-everything location and both a yard and 7-car parking. 

The first listing for Ardmore began in July 2009 at $1.789m, changed to $1.679m in September but quit before Thanksgiving. It returned in May this year at $1.679m again with "SUBMIT ALL OFFERS" blaring from the description.

Someone did as instructed, and paid $1,602,500 in the end.

Worth noting: MBC complained in "Still Not the 'Sand'" in mid-May that Ardmore was improperly coded as being in the Sand Section, not the Tree Section. We're happy to report that was fixed at some point in the current listing that sold.

Now, to review, we're looking at 1 custom build and 2 remodels in the Trees that have sold at $1.6m, $1.8m and $1.9m – all pretty impressive numbers. Each was on a somewhat standard-size lot: Both Walnut homes have 4480 sq. ft. lots, while Ardmore is at 4400 sq. ft.

Out of curiosity, we also look at price per square foot for each:
  • 2100 Walnut: $598/PSF
  • 1724 Walnut: $539/PSF
  • 1312 Ardmore: $616/PSF
There's one more recent closing worth looking at in the Trees, but you won't get a PPSF figure for this one. 

1900 Flournoy (3br/2ba, 1375 sq. ft.) has a date with a bulldozer, once the new owners make some decisions on exactly what their dream home should look like on the lot.

What a lot, too: a big 6250 sq. ft. on a corner in one of the quieter pockets of the Trees.

This one looks like the only surprise to the lower end out of the sales we're featuring here: An off-market lot sale at $1.150m for this larger patch looks like a relative bargain.

While we mostly see prices firming from the doldrums of 2009, this one has a pricier analog nearby that went for more 18 months ago. 1900 Laurel sold for $1.250m in Jan. 2009. The lot size is technically smaller at 6000 sq. ft. there. That adds to the sense that Flournoy was quite a deal for the newest owners.
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