A couple of weeks ago MBC noted that "[t]he priciest non-Strand home in MB" had made a deal.
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| 128 5th
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We wondered if 128 5th "could become a new record sale for the type."
It was listed for $6.799m, fully furnished, customized, outfitted, never lived in, ready to go. (It's a pretty…
A couple of weeks ago MBC noted that "[t]he priciest non-Strand home in MB" had made a deal.
|
| 128 5th |
We wondered if 128 5th "could become a new record sale for the type."
It was listed for $6.799m, fully furnished, customized, outfitted, never lived in, ready to go. (It's a pretty smashing property; see our review from late April.)
But now it's closed with a nearly $1m discount: $5.850m.
That's very impressive, but we have to look at a couple of markers.
First, the markup over the property's initial condition when new – but nearly blank – in May 2011.
The nice but not-so-wonderful new build in 2011 sold for $5.250m last Spring. It's now up by $600k on resale.
We've heard loose talk that the customization, furniturization and general outfitting of the place from 2011 to 2012 took a year and $2m. The place is literally ready to bring your toothbrush and jammies, a 5-star hotel just lacking the staff.
Assume a 100% overstatement on the prep costs of $2m. Then it was $1m. And a bump of $600k still doesn't cover it.
Oh well, on to the next thing.
The second analysis is: Was this "a new record sale for the type," as we postulated?
Not really.
As we noted in "Big Fish(es) Reeled In," a neighboring new construction project at 121 9th sold pre-completion in December 2010 for $6.2m, with more upgrades to come. That doesn't even touch issues like furniture and added customization. Looks like 9th reigns supreme. (See "New High-Water Mark Near Downtown.")
Meantime a bunch of $5.6m-ish sales predominate, again unfurnished, but 128 5th beats them by a bit with all the add-ons. Those are 128 6th at $5.595m, 209 16th in escrow at $5.6m and 200 19th, sold for $5.6m way back in March 2008.
So they didn't crack $6m after all, but they did make a pretty quick deal in rarefied air for a truly super property.
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 29th, 2023 at 2:30am 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.
