Trees en Fuego?Posted on Tuesday, June 23rd, 2009 at 10:40pm.
The Trees – they're practically on fire. Even since we last checked in 3 weeks ago in "Quick is Quick in the Trees."
The sales pace is nothing like in the bubble-driven heydey, or even the last rally in Spring 2007, but there is plenty going on. We'll separately look at some fairly quick sales and some that finally scrubbed some aged inventory off the books.
- 1825 Oak (4br/4ba, 3136 sq. ft.) (listing may be viewed while in "backup offer" status) is almost new, custom-built for the owners, who then decided to sell last year – starting at $2.399m. That was never going to happen.
They brought it back last week $700k lighter, at $1.699m, and had a deal within a few days. Comparable new and new-er homes have been closing in the $1.55m-$1.7m range recently.
- 1805 Poinsettia (3br/2ba, 1250 sq. ft.), a little traditional cottage with some updates, entered the market 2 weeks ago in escrow at $1.180m, but fishing for more buyers, just in case. (Can be viewed while in "backup offer" status.) Worth noting: That list price is down $170k (-13%) from the April 2006 acquisition price of $1.350m.
- 620 30th (4br/3ba, 2975 sq. ft.) (pictured) started out priced well below its Feb. 2006 purchase price ($1.995m) at $1.545m(-$450k/-23%). The home is a 1992 build that was being called "remodeled." They made their deal within 3 weeks of hitting the market.
- 662 Rosecrans (2br/1ba, 600 sq. ft.) is just about as tricked-out as 600 sq. ft. can get, and was offered for one of the lowest prices west of Sepulveda in a while at $695k. Had a deal within 2 weeks. (Can be viewed while in "backup offer" status.)
- 2400 Poinsettia (4br/5ba, 3650 sq. ft.) has its second deal now, both within about 3 weeks of the listing's start. (Can be viewed while in "backup offer" status.) The start price of $1.599m (PPSF: $438/PSF) looked to MBC to be "realistic," and drew a prominent mention in "Learning, and Not."
- 1600 Elm (3br/3ba, 1975 sq. ft.) is just a cute, traditional Cape Cod, not too big but well-priced at $1.339m, enough to nab a deal in about 2 months' time.
- 864 14th (3br/2ba, 1350 sq. ft.) ran away from the competition in our "Best Priced?" poll in mid-May, when offered for $1.125m. MBC tracked about 34 DOM but the MLS shows 61.
- 595 36th (4br/5ba, 3325 sq. ft.) offers a lot of space for the money (last at $1.499m) with a compromised location. Last list price was below $449/PSF. Made their deal just before 90 days had elapsed. (Can be viewed while in "backup offer" status.)
Clearing Out the Old
- 1708 Pine (2br/1ba, 760 sq. ft.) was really about the dirt, and the pics surveyed the grounds fully without so much as one interior shot, as MBC noted in "Glam Dirt." The price began at $975k, and then, some time later, nearby 1733 Elm closed for $801k (see "Dirt Cheaper?"). We expect the neighbors are looking for a nicer price here to prop up land values. The deal was made after about 5 months.
- 1813 Pacific (4br/3ba, 2125 sq. ft.), a remodel with a very open first floor, attractive and sunny back yard and a bonus room out back as well, tried last year at $1.599m, came back this year and gradually moved to $1.399m.
During this listing, loans worth $1.180m went bad in mid-May, hinting at a possible must-sell situation. Sellers paid $935k about 5 years ago (Jan. 2004) before the re-do. They made a deal after about 5 months on market this time. We'll see where they close.
Of note: Neighboring 1817 Pacific, larger (5br/4ba, 3320 sq. ft.), newer construction (2005) just closed for $1.710m, below the April 2005 acquisition price of $1.925m (-$215k/-11%).
- 512 12th (3br/3ba, 2300 sq. ft.) crossed 250 DOM recently – please ignore the re-lists – but now has a deal. The home was purchased in 2006 as 1148 Ardmore for $1.360m. That version of the home suffered from an 80s vibe; the current owners gutted the home, reconfigured it and remodeled substantially. (Can be viewed while in "backup offer" status.)
Looking for a nice profit, they offered the home for $2.149m in late September. The price recently dropped to $1.695m (+$335k since the remodel) before a deal was made.
- 3309 Poinsettia, the second of the "Twins in the Trees," is the Spring chicken among 3 consecutive old spec homes to recently make a deal. It had logged about 450 DOM and finally changed agents before a quick series of cuts and a deal. Last at $1.9m, fully $200k below the first twin's closed price, and down $895k from the start.
The listing suffered one of the bigger drops from start – $900k from an opening price of $2.699m back in Nov. 2007 to $1.799m recently.
- 2509 Palm (5br/5ba, 3150 sq. ft.) had a long, strange trip on the market spanning more than 2 years. This one was discussed in detail last week in "Failed Auction, New Deal." Last at $1.699m.
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