Average Family Homes: $1.9M

By Dave Fratello | May 24th, 2013

No need to be shocked here, for once. At least we don't think so.

The basic family home people are looking for west of Sepulveda, in a decent part of the Tree Section, with 4+ bedrooms and 3000-ish square feet, looks like a $1.9M proposition.

That's higher than it was in some recent years, but a selection of recent sales firms up the price range:

2009 Elm (4br/3ba, 3100 sq. ft.) is the latest to close. It's a Mediterranean with an easy layout, clean and recently refreshed, and hard to place as the 1998 build that it is. Could be 90s, could be mid-2000s; many of these homes seem alike.

As you almost always find, in this home you enter into a formal living room, and continue back to a large kitchen/great room in back. First floor also has formal dining and a fairly large spare bedroom, with 3br upstairs – all pretty sizable.

This one came out at $1.899M in March and sold for $1.880M this week.

Worth noting: The sellers contacted Dave several months ago for a valuation and advice. Back then, Dave's view was that it would likely sell for $1.8M. As the market warmed up this Spring, he told them $1.9M was possible. And they did just about hit that.

1409 Pine (5br/4ba, 3200 sq. ft.) is extremely similar to 2009 Elm, but sports a 2001 build date. The layout is almost identical.

Its major points of distinction: An extra (5th) bedroom and location somewhat closer to school and town.

This one listed for less than 2009 Elm, but sold for more.

1409 Pine came out at $1.840M but got bid up to $1.910M. Is that a $30K premium for location and extra bedroom?

We're also looking to include 1301 Pine (5br/4ba, 3150 sq. ft.) on the list.

Though it's not a Mediterranean, it's a 2000 build with the same basic layout as the others, and in the same general area east of Pacific and south of Valley.

This one listed at $1.949M and had a pretty quick deal. We'd anticipate a sale close to that number. It's been in escrow about a month, so watch for it to close fairly soon.

Some questions before it does: Is the Cape Cod styling worth a premium? Or might buyers have shaved a little off for location nearer MBB and/or the flooring?

So $1.9M looks to be the going rate in this neighborhood.

Prices go up as you get into more luxe places and/or better locations, of course. But you can call this a baseline around which to bracket other kinds of homes and begin making your adjustments.

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For a complete list of sales in the Tree Section over the past 6 months, use this link, which is also found under "MB Sales Data" in the top navigation bar. You can quickly find sales data for any part of MB using that pull-down menu.

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