569 33rd Marks Out a New High

By Dave Fratello | March 8th, 2016

The newest closed sale in the Tree Section isn't the highest sale of the (young) year, nor the highest by PPSF.

New construction at 569 33rd (6br/5ba, 3650 sqft.) just closed for $3.795M.

It is, however, the biggest price ever paid for a comparable Tree Section home outside of the Martyrs area.

To refine that... it's the biggest price ever paid for a home that is of conventional size – no basement, or huge extra square footage afforded by building on a much larger lot. As a practical matter, than means home sizes of 3000-3650 sqft.

The prior record for Tree Section homes under 4000 sqft. was last year's off-market resale at 594 33rd ($3.649M).

The new 33rd St. sale was 4% and $150K higher.

Very close behind both is another sale from this year: 3101 Maple (5br/5ba, 3200 sqft.) at $3.500M. It was new construction sold midway during the build, closing in January this year.

In some ways, Maple was the more remarkable sale, based on both location (east of Pacific) and square footage (450 sqft. smaller than the newest closing).

3101 Maple quite nearly hit $1,100/PSF.

569 33rd was at "only" $1,040/PSF

And if you're wondering what the data say for context, here's something interesting.

Among all Tree Section homes outside the Martyrs area over 3000 sqft., the three properties mentioned here are the only three sales ever to exceed $1,000/PSF.

At this time, none of the new or newer non-Martyrs area Tree Section homes on the market are even asking $1,000/PSF. The high currently is 2409 N. Poinsettia (4br/5ba, 3560 sqft.) at $3.499M and $983/PSF.

UPDATE: Within hours of this post going up online, 2409 Poinsettia cut $300K to $3.199M, and is now at $899/PSF.

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