Success Selling Excess

Posted by Dave Fratello on Thursday, December 27th, 2007 at 4:15am.

Since mid-May, we've seen 6 Tree Section homes listed on the MLS sell for $3m+, with 2 more sold privately and reported for comps.

As we end the year, it looks like we have one more to add – 613 15th St., now in escrow after about 3 months on the market.

If you've been up near the top of American Martyrs Hill in the past year-plus, you've seen three neighboring lots that got snapped up, scraped and adorned with new Caliterraneans. All were sold for about $4.2m.

Here were the lot sale prices:
  • 604 15th, sold 8/06, $2.020
  • 608 15th, sold 2/06, $1.975m
  • 613 15th, sold 5/06, $1.950m
On the south side of the street, 604 and 608 15th were both pre-sold during construction – a nice chance to tailor these projects to buyers' specific tastes.

613 was the outlier in a few respects – particularly because it fell to market. Is it great, for $4.179m?

It's huge. With 6br/8ba and 5500 sq. ft., the home features a kitchen/great room combo suitable for a kids' basketball practice. The vast living room up front (pictured) features high ceilings. Down below, there's a media room (a B-minus version, in our book) that offers two baths. Of course, the master is splendid.

MBC wanted to love this home more than we did. There was a palpable sense that the house was a standard Tree Section newbie that was just inflated a bit more to fit the larger (6250 sq. ft.) lot. There were great details, and pro forma details. Frankly the home begged for staging to make sense of its cavernous spaces.

There was quite enough here, nonetheless, to net a buyer. (Actually, this is the second contingent escrow to date.)

As we look at the price, it's worth a quick comparison to the neighboring pre-sales – note that all the lots are 6250 sq. ft.:
  • 613 15th (6br/8ba, 5500 sq. ft. – $760 PSF) [based on last list of $4.179m]
  • 608 15th (5br/6ba, 4775 sq. ft. – $880 PSF) [based on Oct. 26 sale price of $4.2m]
  • 604 15th (6br/6ba, 4950 sq. ft. – $850 PSF) [based on pending price of $4.2m]
With a prestigious location, an ocean peek and a vast, quality house, 613 15th was going to go. We're curious as to why it began lower on PPSF – was it the excess of s/f, different architect or builder, limited views?

There are 3 business days left in the year. If this is the last hurrah for the Trees for now, it's fitting to have it be one of the highest-priced listings.
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