What's Right for 505 3rd?
Posted on Thursday, August 9th, 2007 at 5:49am.
MBC has discussed 505 3rd St. in the Market Updates a couple of times (here and here).This one offers 4br/3ba, 2550 sq. ft. on a typical local lot of 2700 sq. ft., for $1.949m. No yard, and it ain't pretty.
We've called it:
- a dated, mishmash, sorta-remodel
- a challenge
- awkward
- in need
- a head-scratcher
The South End location is nice, but there are recent sales nearby to consider...
- 532 1st, 4/3, 2650 sq. ft. nicely remodeled and on a larger 4000 sq. ft. lot, sold for $1.9m in late April (third pic)
- 525 2nd St., 4/4, 2750 on a 2700 sq. ft. lot, newer and crisp, closed for $2.125m in early July (fourth pic)
- 440 6th, a small home on a corner lot (@ Ingleside) on a walkstreet (quite possibly a teardown), in escrow, was listed at $1.899m
505 3rd has been around since early June. (There has never been a sign out front.) They pulled a bogus re-list this week so the current MLS# (S952443) starts Aug. 7.
The re-list was, evidently, due to a failed escrow. (Doesn't that justify pretending you have a new listing?)
MBC might march out and say 505 3rd is overpriced, but they already had one acceptable offer, so how far off can they be?
The sellers paid $1.6m in Sept. 2005. They are getting out, and a profit would be nice.
But this is one of those listings that falls into the nether-regions – they want too much for the lot, but the house ain't that great, and pricing is a mystery as a result. Where should it be?
UPDATE: We hear that 440 6th (the walkstreet corner) went for $2.050m, well above the $1.9m list.
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