A Clearing in the Trees

By Dave Fratello | July 17th, 2007
Within several days, eight Tree Section listings priced below $1.6m have sold.

Quite suddenly, this leaves just one teardown and one small cottage on Ardmore in the sub-$1.6m range.

The sales, in summary form (details to come shortly in the next Market Update), with their last list prices:
  • 848 14th * $1.199m * 2 DOM
  • 2811 Valley * $1.229m * 140+ DOM
  • 3528 Poinsettia * $1.279m * 10 DOM
  • 2804 Pacific * $1.399m * 10 DOM
  • 3204 Poinsettia * $1.550m * 30 DOM
  • 717 12th * $1.512m * 3 DOM
  • 2305 Pine * $1.595m * 130 DOM
  • 2418 Ardmore * $1.599m * 55 DOM
Of these, two were quite new – the teardown on 14th overlooks the playing fields east of Pacific School, and the 12th St. listing was a charmer near Martyrs. The two Poinsettia sales were recent remodels – 3204 slick, 3528 OK but lacking curb appeal.

The long-timer on Pine was priced high, and an anonymous comment says the escrow is unconventional, so we'll see on that one.

The standouts as interesting barometers are 2804 Pacific, which you just knew would go quickly because of realistic pricing, and 2418 Ardmore, because, for that price, you get almost 3500 sq. ft. – about 1,000 to 2,000 more than for other listings below $2m.

For a hundred reasons, these sales don't say anything definitive about the prices of the remaining active listings in the Trees.

But isn't the action suggestive?

Eight separate Tree Section buyers passed on the pricier stuff.

Any of the next three listings up the ladder might have been with the lucky ones here, but for prices that seem to suggest they are a cut above the recent sales:
  • 1140 Laurel ($1.599m) has a location challenge, an imperfect layout and quite little outdoor space;
  • 1829 Poinsettia ($1.625m) is deliciously redone, but small (1450 sq. ft.) and with too little usable outdoor space; and
  • 2622 Pacific ($1.649m) has its sweet bits, but that corner at Pacific and 27th ain't quiet, there's little curb appeal and there's no yard.
Buyers will tell you when the pros outweigh the cons by way of their pricing decisions. For now, they seem to be telling us that these three are all high.

Now, is it a benefit to be among the few listings left below $2m?

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