9th Street Closings

By Dave Fratello | April 27th, 2010
Two birds on one little street flew up within a couple weeks of each other, and now they have landed at nearly the same time.

We speak here of 2 listings on the flat walkstreet at 9th in the South End.

In late January and early February, each one dared the market to come to it. They priced high and expected, nonetheless, to be beating back the hordes.

Crazily, for both 405 9th (a lot sale) and 432 9th (a remodel), the strategy worked.

405 9th came on in late January, asking $2.3m for the dirt. That was impossible.

9th is a terrific street. But new neighbors at 408 9th just bought a delightful, beachy remodel (4br/3ba, 2400 sq. ft.) last May for $2.175m.

The dirt across the walkstreet was not worth more. (Sure, 405 is on the coveted north side [facing south], but come on.)

MBC reported in early March in "Surprises Begin the Week" that the sellers had taken "less than $1.8m," which turns out to be true: the sale closed for $1.750m last week.

That'd be "slightly high, instead of shoot-the-moon high," as we said then.

Flat walkstreet lot values remain a bit of a puzzle, with 441 6th Place (7th/Ingleside) having set a recent low bar for desirable lots at $1.5m in early January. But streets like 7th or 9th are emotional – you take what you can get for the best price you can get. And then you've got it.

432 9th (4br/3ba, 2650 sq. ft.) was one of 3 properties mentioned in MBC's late-February story, "Spring's Intriguing Signs," as an example of a desirable property that had sold quickly, despite not being particularly well priced.

Look again at 408 9th, a delightful and comparably sized remodel that had sold last May for $2.175m.

432 9th launched at $2.699m, more than $100/PSF higher – "pushing the ceiling a bit," MBC said. But that didn't mean there would be no takers. There were several.

The closed price has come in at $2.720m, slightly above that "let's see what happens" start price.

Once again, chalk it up to the rarity of quality walkstreet listings, and the special feeling that this home conveyed. Don't discount that elusive "must have" quality.

In this case, the sellers didn't have to.

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