The Strange Case of 1021 33rd

Posted by Dave Fratello on Friday, July 20th, 2012 at 3:14pm.

When yet another Speedy Speckie sprouted, hitting the market this week (807 Boundary Place), it prompted a reader's question to MBC: "What about the one at 33rd by Sepulveda? I pass it every day and there are people living there. But you have never written about it."

1021 33rd St.
The reader wanted to know if 1021 33rd had sold or rented out.

True, no sale ever posted. But public records do show a sale for $1.500m in May.

That's interesting in part because of the price history on this one.

Brand new, when first listed in mid-December 2011, the home was offered at $1.699m. Not bad for new. Then, 8 days later, the price shot up $400k to $2.1m. 

So the final sale price was down $200k from the 8-day-long start price, and down $600k (-29%) from last asking.

They did post this in "backup offer" status in late May, but public records show that the home had already sold by then. (A May 20 sale date was recorded May 30.) In June the "backup" status was wiped out by a cancellation. Click the link for 1021 33rd and you see this history on Redfin. No sale price posted to the MLS.

The typical spec homes by this same builder have sold for more, despite being smaller. Those have maxed out at 3200 sq. ft. on typical lots, including 2516 Pine (sold for $1.775m in February) and 3613 Maple ($1.599m in March).

1021 33rd is larger (5br/3ba, 3600 sq. ft.) and quite different, owing in part to its unusual, triangular lot (7000+ sq. ft.). In January, we called it "a cousin of the Speedy Speckies in an unusual location, built out in what must be record time, since the lot sale here just closed in late October." We also said:

It is clearly the better among the cousins, with a superior, different, big layout and without the daring, frilly, even questionable details found in some of the others. As newer Caliterraneans go, it's pretty safe and attractive.
Yes, we called it "the better" of this crop, but a $1.5m sale also makes this the cheapest of the Speedy Speckies to date. Chalk it up to that odd location, where Oak meets Ardmore and cars line up to cross Sepulveda.

In mitigation, while the final sale price was low, so, too, was the lot acquisition. They paid $680k for the land in Oct. 2011. Can you build a 3600 sq. ft. house and make a profit on the $820k difference? Maybe so, if you move quickly.
comments powered by Disqus