Big Lot or Big House?

By Dave Fratello | February 7th, 2009
As MBC had guessed it might, 633 15th has now taken a big step closer to $4m, approaching lot value for the double-wide lot's location on American Martyrs hill.

With a new $600k cut Friday, it's now at $4.295m, a far ($1.2m) cry from its start of $5.495m last July.

Now, there is the matter of the very large home (6br/4ba, 6000 sq. ft.) on the property. Maybe it stays, maybe it goes. As we said in "Big Tree Lots" in mid-January, when 15th was at $4.895m:
For the money, the build is not impressive. (Don't even get us started on the attached "guest house.") So it has lingered, and if it were to gradually near $4m, that could be lot value.

Nearby, on the ocean-view side of the hill on 15th, regular-size lots were worth almost exactly $2m in Summer 2006, when a few were purchased for spec development. (All successful in 2007-08.)

We'd still bet on 15th finding a buyer for the home as it stands, but, for now, it's the second-biggest lot in town on offer, and some visionary could swoop in with a very different idea of what belongs at this particular address.
Any "visionary" with $4m or so to spend on dirt now finds patience rewarded. The current price still reflects value for the structure, but less and less.

If you're curious, 633 15th is open Sunday, 2-4pm.

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