On Thursday, 908 Rosecrans (6br/6ba, 4112 sqft.), new construction in the Tree Section, made its third cut of $100K, bringing it down to an asking price of $4.695M over 6 weeks on market. (Yes, the start price was $4.995M.)
(908 Rosecrans is listed by Bita Goodman, Sotheby's International Realty.)
It's a big, bold new home that is surely the most ambitious ever conceived on Rosecrans in the Tree Section.
Before this year, it seems the highest price ever sought for a Rosecrans home was $2.999M, for a very big 2006-built Mediterranean at 652 Rosecrans (6br/6ba, 4730 sqft.) on a double lot (7300 sqft.), way back in October 2015.
It sold 10 months later for $2.200M (-$799K / -27%).
We checked, and back in 2015 when 652 Rosecrans launched, we wrote:
[This home] is lining up to become the knock-it-out-of-the-park, highest-priced single-family home sale ever on Rosecrans, maybe for as long as we'll all share this planet.
Good news, everyone! We're all still here on the planet, and we've all made it to see the next big "knock-it-out-of-the-park, highest-priced single-family home sale ever on Rosecrans."
Any new sale here actually has to beat 3 other Rosecrans/Tree Section closings that came in higher than 652 Rosecrans' final settlement at $2.200M:
716 Rosecrans (3br/2ba, 1500 sqft., 5162 sqft. lot) - $2.350M (Aug. 2022)
508 Rosecrans (4br/3ba, 3013 sqft., 3005 sqft. lot) - $2.340M (Oct. 2020)
940 Rosecrans (5br/4ba, 3239 sqft., 5975 sqft. lot) - $2.260M (May 2021)
But how hard can it be to beat these sales?
908 Rosecrans is currently priced at nearly double, or more than double, each of these.
In March 2020, a builder purchased the 5,964 sqft. lot at 908 Rosecrans for $1.250M, at a time when Tree Section land values were more like $1.8-$2.2M for more interior locations – and smaller lots.
Then they went for it.
There's a pool and pool house.
And a big, modern kitchen.
A spacious primary bedroom...
... and more.
(Well, there are only 8 photos, so we couldn't have gone on and on too much further.)
It's a top-tier, high-concept modern build that almost appears to throw caution to the winds, with the lack of precedent along this busy street across from the refinery.
It's a big bet. The biggest yet. The idea is that people want the house, the quality and the ZIP code.
Just a few short blocks away is one of our favorite current new builds, 3608 Laurel (5br/6ba, 3300 sqft.), which began at $4.899M three weeks ago.
(3608 Laurel is listed by Joseph Nuzzolo, Thompson Team Real Estate, Inc.)
We would compare the two mainly because they're on the market together at a similar price point, and because they each seem to reflect a builder maxing out without factoring in location too heavily. We had observed about Laurel:
Sometimes in the past, we've seen builders give short shrift to projects in so-so locations because they're afraid nothing they do will get them a higher price. Here the builder appears not to have held back at all.
This time, we'll try not to declare that 908 Rosecrans is going to be the highest sale of our lifetimes, because, heck, we'd all like to live a long, long time, and if this builder can show buyers will go for the street with a good product, that idea is going to be copied.
And then...
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.
