Warm Winter, Quick Sales

Posted by Dave Fratello on Wednesday, February 8th, 2012 at 12:29am.

Some of the new escrows to post this week are quick sales – again, there's that theme continuing – with at least a couple surprises.

Let's take a look at some of the more interesting ones, starting with a property that certainly caused some head-scratching over the past year.


Price Cures All?

They say price can cure just about anything. And that may be the case with 3617 Pacific (4-6br/5ba, 2800 sq. ft.). This utterly custom modern+Spanish home suffers from a location that's a mashup of 2 busy streets with both refinery and electrical-transformer proximity thrown in.

Thursday was going to mark the home's one-year anniversary on the market without a bite, but that has changed. They're in escrow, seeking "backup offers."

In last year's review, while praising the home's "surprising" vibe, we also said "[t]his one's got a long adventure ahead," especially with a $1.7m start price.

Only once the price came way down could they get buyers over the location issue, and the unusual layout. The most recent cut brought 3617 Pacific to $1.425m.

Still, substantially bigger homes on Walnut near Rosecrans – location-challenged, too, but not like this – sold late last year for $1.340m (3525 Walnut) and $1.435m (3521 Walnut). We'll see where Pacific sorts out.


Priced to Move

307 Larsson (3br/1ba, 1200 sq. ft.) hit the market recently quite soon after the next-door-neighbor, 303 Larsson, had made a very quick deal early this year – that one has just closed for $1.1m.

307 is an original, small 1950s house on the kind of skinny lot that's common in the immediate area. All 3 bedrooms are very small, and the whole house shares one bath. Besides fresh paint and carpet, the house lacks updates.

We called it a "compromised starter home" but it was priced appropriately at $830k – a decent enough price for entry-level buyers or investors who'd rather use the property as a rental (as it has been).

The listing at 307 Larsson ran 10 days.

Kinda makes you think Larsson is hot, hot, hot!


Where's 20th Place, Again?

Speaking of hot streets – what about 20th Place?

There are 2 listings on this short block now. One has made a deal now in a week.

417 20th Place (2br/3ba, 2150 sq. ft.) is a 1981 TH that we said, this past weekend, "definitely has a lot of original flavor... But it's very clean, with bright wood flooring upstairs and tons of light."

The TH needs updates to the kitchen and baths. Still, it was compelling enough at $1.059m to make that quick deal.



Big Deal in the Strand-osphere

In 2011 there were 2 sales over $10m on The Strand, and watch out now... here comes another, just 5 weeks into 2012.

1712 The Strand (4br/5ba, 4500 sq. ft.) is a newer (2008) home that's very sharp but laid out more as a vacation home, with some bedrooms on the lowest level, and others on top above the living spaces. (It was actually listed as a 3br home in its initial offering in 2009.)

1712 was offered in 2011 for $11.0m, a noteworthy request for a $2m markup over the $9.0m acquisition price not long ago (March 2009). There were no takers, then.

This year, 1712 The Strand returned in mid-January at $10.5m and made a deal within 3 weeks.

It must have been all those warm Summer days we have had been having in the early part of the year – they got people thinking ahead to the bona fide beach months. Where you gonna live? The Strand, of course.
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