Twice this year on Poinsettia Ave. north of Valley, people have offered their homes for sale.
Twice, they proposed a price that must have seemed pretty reasonable.
And both times, the homes sold vastly over the asking price.
Is there something in the water?
Something in the air?
Maybe it's the block.
The latest sale, 2913 N. Poinsettia (5br/4ba, 3170 sqft.), has helped prove a point that goes way back, one we've been making here at MB Confidential for 15 years.
There is definitely something about this block.
First, the basics.
2913 Poinsettia listed for $3.750M in early May, and swiftly drew multiple offers.
It just closed for $4.420M. (+$670K / +18%).
And yet, didn't you know the day that property hit the market that the starting price was kinda fake?
After all, exactly a month before, neighboring 2905 Poinsettia (5br/4ba, 3252 sqft.) had already sold with big overbids.
2905 sought $3.799M in early March, at a time that the listing almost had the entire market (at this price tier) to itself.
People back then went bananas for the street, the simple Cape Cod stylings and the large, private, ultra-green backyard.
2905 sold for $4.461M (+$662K / +17%) in early April.
You could have argued for either one of these homes that they profiled in the highest 3's or lowest 4's.
Indeed, word is that there was a cluster of offers on 2905 close to $4.2M. But someone had to have it even more.
That sale reset the market so clearly, 2913 may as well have priced at $1.99, instead of $3.750M. You were going to see about the same result.
Let's be clear: Neither of these properties is perfect. 2905 was built in 2000 and wants kitchen and bath updates to fully belong at this upper end of the market for resales. 2913 was built in 2001, lacked much yard space and, similarly, wants kitchen and bath updates.
But location, location! It's enough to make you pounce and worry about the other stuff later.
This unique block between Valley and 31st has a different feel than almost any other block of the Tree Section.
It's a short, narrow street with a bit of a hill at one end, effectively blocking the view of (or any noise from) Valley Drive.
There's only space for parking on one side of the narrow block, and even that's overstating it.
A tree canopy hangs over part of the street, lending a storybook look of sorts during leafy months. (The bare, sticky months... make you wish for the leafy months.)
This block, this micro-neighborhood, has the vibe of a "must have" location that consistently sees prices a cut above what might seem normal at the time.
For many years, we've been pointing out that this street drives people wild. Our first post was in the early days, June 2007, titled, "The Street Where Listings Don't Last."
Several times since then, we've taken note when a pretty home on this block sold more quickly and for more money than what appeared to be prevailing rates in the market at the time.
When we've had listings nearby, honestly we've hoped to draft off the dreaminess of lower Poinsettia to get a little more for a nearby home. We did OK.
Now, there are fewer than two dozen homes that even fit into this micro-neighborhood, so if you're waiting for your next chance to pounce, you may have to be patient. Either way, be ready. Others will be.
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.