Earlier this year, we were already amazed at the runup in land values in the Tree Section. (See "Tree Section Lot Values Spike Again.")
The newest closed sale exceeds the points of reference we had before.
That's at 738 29th St., a standard-size 4800 sq. ft. corner lot in a very quiet, favorable location…
Earlier this year, we were already amazed at the runup in land values in the Tree Section. (See "Tree Section Lot Values Spike Again.")
The newest closed sale exceeds the points of reference we had before.
That's at 738 29th St., a standard-size 4800 sq. ft. corner lot in a very quiet, favorable location along Agnes.
They listed it publicly at $1.495M, conscious that a larger, nearby lot with a nice location at 750 30th had recently settled for $1.515M.
But that $1.5-ish price turned out to be just the starting point.
A rush of early offers came in, and the victor paid $1.750M.
Our information is that the buyers are, as they say, "owner/users" intending a custom new build for themselves. Spec builders were in the mix at this price level as well.
For the 4800 sq. ft. lot, this purchase price – underscored as the market value by the presence of other competing offers at or above that price – amounts to another (recent) record high for a lot in the Trees: $365/PSF for land.
For reference, the 5417 sq. ft. lot at 750 30th sold for $280/PSF per land square foot.
There's not much to hesitate on regarding the 30th St. location – it's great, and just a 40-second walk away on the next block. The lot orientation allows for a sunny, south-facing backyard.
But the corner lot here on Agnes for 738 29th adds value. Agnes is a quiet street, and the design options open up a great deal if you can stash the garage in the back of the house off Agnes instead of forcing it to the front, as you would on an interior lot.
How much added value from the corner? Apparently around $200K.
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Disclosure and News: Dave has a new listing coming out next week across the street from 738 29th.
That will be this new/old Napa farmhouse style home on the corner across the street at 743 29th.
It's actually got a double-size lot (~8400 sq. ft.).
There's a lot to say about that one... coming up.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of September 23rd, 2023 at 1:01pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
