For a while there, if there was a pattern emerging in the Tree Section, it was a steady buildup of inventory priced at $1.5m and above.
Now, in the course of about a month, several higher-dollar listings – old and new – have been snapped up by buyers, many of them priced above $2m:
- 3011 Elm (5br/5ba, 3600 sq. ft.)…
For a while there, if there was a pattern emerging in the Tree Section, it was a steady buildup of inventory priced at $1.5m and above.
Now, in the course of about a month, several higher-dollar listings – old and new – have been snapped up by buyers, many of them priced above $2m:
- 3011 Elm (5br/5ba, 3600 sq. ft.) made a splash earlier this month, selling in its first day on market, after listing at $2.495m (down $150k from a 2007 acquisition);
- 737 35th (pictured) (5br/5ba, 3875 sq. ft.) might not have made as much news, but it sold within 2 DOM when listed at $1.999m – that's a big, newer (2004) house mid-block on 35th near the dead-end of Agnes;
- 3201 Poinsettia (5br/4ba, 3300 sq. ft.) is a late-90s Mediterranean with some updates and a big, open floorplan. It debuted at $1.679m and lasted about 6 weeks;
- 728 26th (5br/5ba, 4700 sq. ft.) is a big corner-lot home north of Valley, probably needing a little work to be fully updated – last at $2.499m, got a buyer after 385 DOM;
- 848 14th (5br/5ba, 3500 sq. ft.) is a new (as of 2009) home, rather stony, near Pacific School's dropoff line – last at $2.295m, success after 606 DOM;
- 645 12th (5br/5ba, 4875 sq. ft) was also new as of 2009 and long in the tooth as a listing at 596 DOM, but after $1m+ in price cuts from $4.499m to $3.395m, they found a deal;
- 592 31st (pictured) is a big (5br/5ba, 3750 sq. ft.), newer custom home near the Sand Dune. Though luxe, it began too high at $2.799m – a deal came right after a cut to $2.599m;
- 768 31st (5br/5ba, 5200 sq. ft.) is a big new Craftsman on a large (6500 sq. ft. ) lot on one of MBC's favorite Tree Section blocks – began at $3.775m, last at $3.499m;
- 529 18th (5br/5ba, 5600 sq. ft.) is a huge newer home near the badminton club, logging 612 DOM by MBC's count (that's 3 in this list near 600 DOM) after a start at $4.279m and more recent pricing at $3.399m; and
- 1144 Highview (3br/4ba, 2800 sq. ft.) is a newer modern that was coded as "Sand Section" owing to its position in the oft-confusing south Martyrs area – this one lasted about a month at $1.995m.
That's a pretty thorough mix of old and new listings. All but a few were priced over $2m.
Tally up the last list prices on this selection of 10 recent escrows and you get:
$25,854,000. Quite nearly $26 million.
That's an enormous influx of new buyer money coming into the Trees and pushing down inventory. There are only 4 listings in the Trees above $2m now:
- 644 17th (pictured) (5br/5ba, 5400 sq. ft.), an outstanding Spanish on one of the Martyrs area's premier blocks, hanging around a bit at $3.450m for 30 days thus far;
- 3001 Agnes (5br/5ba, 4400 sq. ft.), a sweet Spanish on an oversize corner lot at 31st, just a week into a listing starting at $2.895m;
- 3212 Maple (5br/4ba, 3450 sq. ft.), a nearly new (2007) Mediterranean that's marked down a bit from its June 2007 acquisition price of $2.5m, now at $2.350m and more than 60 DOM (ignoring the recent re-list); and
- 616 29th (4br/4ba, 3350 sq. ft.), a newer Craftsman purchased for $2.425m in Aug. 2005 but missing its owners, who left the area. Now at $2.199m and over 100 DOM.
It's been a busy Spring in the Trees. So, how long before buyers come in and clear out this limited inventory?
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 March 22nd, 2023 at 12:15am 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.
