Another Big East-of-Highland Number

By Dave Fratello | February 24th, 2015

Late last year, we took note of one sale just east of Highland in the teen walkstreets that radically raised the bar.

The value of a standard-size lot on the small stretch between 16th-20th St. had never, historically, hit the 3's... until the sale at 309 18th at $3.250M just before Thanksgiving. Really, values had never been close.

Now, raising the bar higher: 313 17th St., posting a sale at $3.500M.

Like 309 18th, the sale was arranged off-market late last year. Unlike 309 18th, the sale was not posted to the MLS. So, to date, this sale has been known mostly just to neighbors and the real estate community.

(Disclosure: Dave counseled the seller, but did not participate in the sale of 313 17th. Also, the legal address is 312 17th Place.)

There's a rough rule of thumb that it costs $1M to cross Highland Ave., so if you have a property west of Highland on those walkstreets, maybe the dirt is now worth $4.5M.

This pocket of teen streets east of Highland seems under-appreciated for what it is. These are extremely private streets, and many homes in the 300s get excellent views. The hill rises steeply up from Highland.

Certainly one of the appeals to 313 17th would have been the views. You can easily see over rooftops across the walkstreet, and the MB pier is in frame. (See the lower left of our photo.) 

A new home on the site could get a 3rd story with even more world-beating views.

However, don't expect new development to happen soon. The neighbor to the east bought the property, and would seemingly have little interest in building big on the lot.

But just up the block, there will be some new construction.

The highest sale ever in this little neighborhood (16th-20th, east of Highland) was a 2014 lot sale – a larger, one-and-a-half-size lot at 4050 sq. ft. That one, 329 17th, closed in April 2014 for $3.740M. They'll build something great there.

Incredibly, if 313 17th is the new basis for land values on the block, that plus-sized lot at 329 is now worth $5.250M.

There was one other on-market lot sale in these teen streets last year: a non-view lot at 400 16th netted $2.550M in October. What if they'd waited 6 months?

There's still one more lot sale pending in the area we've heard about, but the sale hasn't closed yet. It's also a view lot in the same price range as 309 18th and 313 17th. We'll see if they can get that one done.

Meantime, what's an actual built home on these blocks worth?

Maybe we'll find out later this year.

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