Some day quite soon we'll be writing the final chapter on 502 24th, a certified "green" contemporary that's going to cost the builder almost as much as it costs the new buyers.
What's that?
Yes, the big (4br/4ba, 3875 sq. ft.), unique, fun modern is a hit as architecture, but a flop as a business venture.
The listing…
Some day quite soon we'll be writing the final chapter on 502 24th, a certified "green" contemporary that's going to cost the builder almost as much as it costs the new buyers.
What's that?
Yes, the big (4br/4ba, 3875 sq. ft.), unique, fun modern is a hit as architecture, but a flop as a business venture.
The listing touts such pros as the news that the home "will be featured on this fall's American Institute of Architects (AIA) Home tour," and cons like: "Priced over $1,000,000 under what it cost to build."
That was when the price was at $2.995m. We're hearing that buyers stepped in last week and took a big chunk off that asking price. Which means a loss of more than $1m, maybe a lot more.
(Click the Redfin link above for the still-active listing, or see the property-specific website with more cool photos.)
Comps would put the home well below $2.5m, or less than half the initial asking price of $4.995m. For instance:
- 425 26th (5br/5ba, 4200 sq. ft.), a different sort of contemporary with views of treetops, ocean and PV over Grandview. Start price: $3.75m, sold short at: $2.3m (-$1.45m/-39% from start). (See "A Selection of Sand Closings" and "Short in the Sand.") Closed in late July.
- 510 23rd (4br/4ba, 3200 sq. ft.), a smaller new Spanish that went for $2.006m in late April.
- 517 21st (4br/4ba, 3400 sq. ft.), a certified "green" Cape Cod, also smaller than 24th, and which also closed in late April at $2.270m.
Those homes had a range of PPSFs from $525-$670/PSF. None had the location liability of 502 24th, right across from the parking lot at Grandview school, on a street that's busy and cramped twice a day, 5 days a week, for 9 months out of the year. Watch for 24th to fall in the middle of that PPSF range.
The same builder group produced 2 other "green" moderns in MB that sold in 2007:
- 505 Valley (3br/4ba, 2150 sq. ft.), touted then as the first certified "green" home in MB (sold for $2.175m in Aug. 2007), and
- 217 9th (3br/4ba, 1725 sq. ft.), near downtown ($3m, all cash, in Oct. 2007).
Those projects worked out pretty well, despite less-than-perfect locations. PPSFs were at $1,000 and $1,730/PSF.
At Grandview, everything turned out differently in 2009.
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 December 13th, 2024 at 6:14am PST. 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.
