3.2 Is the New Crest for East MB

By Dave Fratello | April 9th, 2014

It was not very long ago that a sale for $3M or more in East MB was unheard of.

And here we mean on a more standard home and lot, with super-sized, super-private homes like 106 Terraza Place (recent sale: $6.5M) being an obvious exception.

Early this year, new construction at 1626 1st (5br/5ba, 4950 sq. ft.) hit the highest high, the crestiest crest, selling for $3.200M.

Now, it appears, they've done it again.

Twice.

The same builder acquired a double lot in a very quiet, close-to-everything location on 3rd St., split it and went to work.

The result: 1420 3rd (5br/5ba, 4765 sq. ft.) is in escrow with a posted list price of $3.199M.

And if you're bummed about missing that hacienda, they've got something else for you – a really bold, museum-style modern right next door at 1416 3rd, also seeking $3.199M.

They're asking $3.2M because they have made that the new normal.

All of this must come as something of a relief over at the quiet, gorgeous Spanish at 1622 Gates (5br/6ba, 4850 sq. ft.). There, the June 2007 sale on new construction at $3.100M was officially the high water mark of the past bubble cycle.

For nearly 7 long years, no one ever paid more for an East MB home on a standard-size lot.

Give it time, though, and things bounce back, don't they?

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