Tight Supply, Quick Deals

Posted by Dave Fratello on Thursday, September 29th, 2011 at 5:10pm.

You could characterize local RE inventory these days as pretty tight – there's plenty to choose from in some categories and at some price points, but much of what's available has some kind of question mark or issue – from location to price – that gives buyers pause.

But with quality offerings with fewer questions, you see quick deal after quick deal.

We mentioned 2509 Laurel last week (see "Laurel Hit the Sweet Spot"). That Tree Section home came out at $1.695m and, despite having no real yard, had an accepted offer within a couple of days. Recently a few more have hit their own sweet spots.

709 33rd (4br/4ba, 3450 sq. ft.) hit roughly the same spot as Laurel – a reasonably big, charming Tree Section home, but this one with a yard (and pool) and on a nicer block.

33rd launched at $1.899m and there was an offer on the table before the first 2-hour broker's open concluded.

In our weekend writeup, we called the home "architecturally interesting... conventional and timeless."

The home's question marks – ill-advised 1980s glass block in a few places, a wrongly placed second staircase and the pool (not everyone wants one) – obviously did not hold back interest in the home.

1540 Gates (5br/5ba, 4120 sq. ft.) in East MB was priced the same at $1.899m and posted a deal within 10 days. 

The home's a good example of what more you get east of the highway for the same money.

This one's newer (2003 build), substantially bigger than 33rd and boasts a nearly max-sized, East MB lot (6740 sq. ft.) with a substantial, 2-tiered garden.

As a couple of bonuses, the outgoing owners added a solar electric system and did an outstanding job with landscaping.

Also east of the Highway, it's worth mentioning 1632 Matthews (3br/3ba, 2700 sq. ft.), a newer (2004) home that doesn't max out its 7500 sq. ft. lot and could have been challenged due to the low bedroom count.

At $1.350m, the home logged just 3 DOM. It also serves as one of those cases that seem all too rare – an agent selling his or her own home quickly. No messing around here.

Back to the Trees, one apparent lot sale went so fast you may have missed it entirely. That was 562 36th, an original (1951) cottage on a street-to-alley lot.

Offered at $829k last Friday morning, the listing marked just more than 30 hours on market before a deal was posted.

The agents didn't fill in the lot size, but a neighboring lot that seems to be the same is 5200 sq. ft. Here, the location very close to the armory and Rosecrans apparently were no deterrent.

Our candidate for the next quick deal: 585 31st, where the value is in the 5025 sq. ft. street-to-alley lot – west of Blanche, near Sand Dune Park. It began Monday at $1.099m.
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