Tale of An Off-Market Sale

Posted by Dave Fratello on Tuesday, November 6th, 2012 at 5:05am.

Where demand is high and supply nonexistent, sometimes you have to go below the radar to find a house.

Recently Dave was able to help buyer clients looking for a home on MB's famed flat family walkstreets, in an off-market transaction..

Going back several months, when the clients first fell in love with the walkstreets, we said something like, "Great, let's get you a rental down there, and then please be patient. This will take a while." 

So it was a pleasant surprise to hear directly from a potential seller of a walkstreet home that nicely suited these clients. We connected buyers and sellers, and the parties reached agreement – quietly, confidentially. The buyers' total wait for a walkstreet home was measured in months, not years.

The home is 409 7th St. (5br/4ba, 3475 sq. ft.), a sale which closed late last week for $2.675m.

This one's a solidly built 1990 house with a great family layout. The whole first floor consists of common areas – a living room that opens to the front patio and walkstreet, formal dining room and, in back, a surprisingly bright kitchen and casual eating area.

A bonus: There's a second-floor family room set between the 4 kids' bedrooms and the master up front. It's the kind of space we sometimes refer to as a "kids' living room," and that's how the outgoing owners have used it for years.

The house is solid and well maintained, but it will be getting updates.

There's been no inventory on the walkstreets recently. Lot sales have been driving frenzies. The next-door neighbor to this property, 413 7th, sold in June off-market, amid multiple offers, for $1.982m, an amazing record for a pure lot sale. (A new home will sprout there over the next couple of years.)

There's also new construction coming out in the very high 3's toward the $4m mark and above. A smattering of recently built homes is being whispered about in that price territory as well, if you're shopping off-market, and if you want the whole enchilada – a 21st century Cape Cod type home built to max out the lot at more than 4000 square feet.

409 7th was somewhere in between – obviously not a lot sale, but not a premier new home, either. After the updates, though, it will really be something. And we're glad to have helped make the connection.

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