A $1M Price Jump

By Dave Fratello | August 13th, 2015

Maybe we're not charging enough for our house, thought the sellers to themselves... Time for a price increase.

We've seen that around here from time to time.

Is that the case at 516 Marine?

Not really, but there was just a big price jump: From $2.600M asking to $3.699M. That's basically $1.1M (+42%).

They were already asking a pretty princely sum for the original 3br/2ba, 1600 sqft. house. (The 1960 build has some nice updates inside, but more can be done with this nearly 3000 sqft. lot.)

Comps for the property as-is seem to hover in the $2.2-2.3M range, but they were asking $2.6M.

The markup was surely partly about turning a quick-flip profit on a recent acquisition. The property sold just this past March for $2.150M, after some on-and-off NOD issues running several years now.

But the public listing for 516 Marine, now in its 7th week, has always been about the planned spec project for the site.

The plan is for something like a 4br/5ba, 2700 sqft. home in a bright and modern style. (Are you seeing Venice here? We are.) Basic blueprints and imagineered renderings kick off the listing online, before you get to photos of the current house.

So that new $3.699M price is more of an approximation of the value for the final build. The listing teases it with this language currently:

"... depending when in the build process you purchase it, you could ... be all in at approx. $3,299,000 - creating $500,000 in instant equity!"

Hey, is it too late for that $400K discount?

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