It wasn't quite a month ago that we saw the market launch of the biggest sensation of the year (so far).
That was
1805 John St., a major fixer or teardown in a prime "A" location in the Trees, near school and town but isolated on a flat, quiet street.
The lot's bigger than normal at 5065 sq. ft., and the yard faces…
It wasn't quite a month ago that we saw the market launch of the biggest sensation of the year (so far).
That was
1805 John St., a major fixer or teardown in a prime "A" location in the Trees, near school and town but isolated on a flat, quiet street.
The lot's bigger than normal at 5065 sq. ft., and the yard faces west – sunny all day.
"Multiple" offers didn't capture what happened here: There were 20 parties bidding for 1805 John. The start price of $1.1m was endangered.
We asked MBC readers to guess at the sale price once the sellers accepted an offer.
The question wasn't whether there would be an overbid situation, but how high the final price would go.
We gave you lots of tiers to choose from, mostly broken up by increments of $50k.
Turns out, based on the final sale price, 55% of readers responding to the poll got within $100k of the final number.
There were 17% in the "winning" tier of $1.35m-$1.4m. The final sale price was
$1.352m, an overbid of $252k. And if this is a lot sale, that's a remarkable price for dirt, even with the prime location factored in.
Plus, we hear that wasn't even the highest bid, just the bid with the prospect of the quickest close.
What we don't know yet is the plans the new owners have for John. But the more closely we looked at this property, the harder it was to imagine a "remodel" in anything but name. (Dave had clients bidding for the property among the 20.) More likely this is a teardown, where someone will want to start fresh with the big, flat lot and build a modern home. More power to them.
In closing, we must note one of the strange aspects of this offering. At the initial broker's open and in the days immediately after, we discussed the likely sale price with several local agents. One predicted it would sell for "around $1.150." Another was simply floored when someone suggested it would go over $1.2m. And yet another said the discussion in their office had been that John would get bid up, "but not by too much."
Granted, no one knew there would be 20 bidders, but at the time, your blog author here thought everyone was terribly under-valuing the property. Yes, MBC author Dave Fratello was shocked at how the local real estate community was failing to grasp how high the price would go. That was strange.
We did eventually talk to a couple of agents who were certain that John would sell for $1.35-$1.4m. And they, like some MBC readers, had it just right.
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 April 1st, 2023 at 4:30am 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.
