What will the first of the 5 new Speedy Speckies sell for?
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2516 Pine
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That was our question to you this week, after 2516 Pine posted a deal. (See "First Speedy Speckie Snagged.")
It's the first spec home to sell in a generation in about 3 years in the Tree Section, possibly signalling a…
What will the first of the 5 new Speedy Speckies sell for?
|
2516 Pine |
That was our question to you this week, after 2516 Pine posted a deal. (See "First Speedy Speckie Snagged.")
It's the first spec home to sell in a generation in about 3 years in the Tree Section, possibly signalling a revival of spec building, or possibly signalling nothing. TBD.
The (pending) sale has the greatest relevance for the inventory of the selfsame builder/investor group. What will the other 4 go for?
Yet, at the same time, the eventual closed price is of great relevance to anyone contemplating a resale of a newer Tree Section home.
Meanwhile, the economics of a build & sale are relevant to the question of whether a new wave of spec development could loom on the horizon, or not.
So, assuming a proper arm's-length, open-market transaction, what did MBC readers think this one would sell for?
A near- majority of 48% of those voting said $1.7m- $1.8m. This assumes a discount of 5-10% off the list price of a newly completed home. (2516 Pine was last at $1.899m.)
Another 13% hung closer to list price ($1.899m +/-5%). This brings the total expecting more than $1.7m to 61%. That's nearly a veto-proof majority.
We should be clear here that we have never asked readers to gauge the market value of these spec homes. We're now asking a narrower question: Now that this home has a buyer, what do you think they've offered? That question will tend to yield a more bullish number. But that's the right angle with a buyer locked in.
Our thanks to readers who participated in this poll.
A lot of us are shaking our heads and wondering what's next for the Tree Section spec market, and the eventual close at 2516 Pine is going to be a significant marker. Assuming they hold this deal together, everyone in the Trees will be dealing with the ramifications for some time.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 2:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.