One of these days, they were going to sell the big new custom home at
116 Terraza Place in East MB.
It just took upwards of 2 years.
And discounts of...
are you ready?... discounts of
$5-$6 million from the original ambitions. That's a whole second house! And maybe a third and a fourth.
This week's closed sale price:
…
One of these days, they were going to sell the big new custom home at
116 Terraza Place in East MB.
It just took upwards of 2 years.
And discounts of...
are you ready?... discounts of
$5-$6 million from the original ambitions. That's a whole second house! And maybe a third and a fourth.
This week's closed sale price:
$4.9m.
At one point in 2008-09, the builder's website had teased the coming attraction and suggested an $11m asking price, while the first post-completion listing on the MLS sought $10m. Last list price was $5.999m.
Everyone who's seen the place came away impressed, but shaking their heads at the asking price.
It turned out that debuting right as MB's market bottomed didn't help much, and remaining totally out of whack for months upon months was not a good strategy, either.
But now that it's sold, we can say that, for that money, the buyers got themselves a wonderful custom Spanish on a half-acre lot on a private street, with a motor court around the entry more befitting 90210 than is typical in 90266. The home's got 7br, 9ba and more than 10,000 square feet of living space, plus a decent yard and great pool.
Some standout features we recall – the guest suite that's off in its own wing, the kids' own separate living room upstairs off their bedrooms, the huge covered/outdoor living spaces (complete with sunken fire pit)...
Was the spec project a gangbusters success? Of course not.
The land at Terraza was acquired in a peak year, back in May 2005, for
$3.3m.
Consider the carrying costs over –
egads – 6 years, the costs of sale (i.e., sales commissions), and, oh yeah, the cost of building an ornate 10,000 square foot home. Do you think they pulled that off for $1.6m or less? Sadly, no.
But why look backwards? A great home at a great price is always a cause for a toast.
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 30th, 2023 at 9:32am 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.
