Close the Books on 1st Speedy Speckie

By Dave Fratello | February 21st, 2012
They finally did it. They sold one.

2516 Pine
The first of the 6 Speedy Speckies, 2516 Pine, has now closed.

Sale price: $1.775m.

Of note: The listing agent also represented the buyer.

That sub-1.8 price is quite a step down from the very first posted asking price, $2.199m, from last May. (See "$2.2m for First Speedy Speckie.") They did adjust that request quickly down to $1.999m before the end of May, but you could see the heights they were reaching for.

The sale here is the conclusion of the second deal that had been posted for 2516 Pine. Upon the first note that this one was in escrow, MBC asked readers to weigh in on what they thought this first spec home of the group might sell for.

As we reported in "Your Ex(spec)- tations on 2516 Pine," a near-majority of 48% of those voting said $1.7m- $1.8m. This assumed a discount of 5-10% off the list price at the time: $1.899m.

However, Pine late fell out of escrow and was re-listed at $1.799m in early December. So this final sale price was pretty much at the last asking price. Depends on how you want to count it.

You may recall that a nice old rancher used to occupy a double lot with the address 2600 Pine. The ground sold for $1.6m, the lot was split and turned into 2 spec homes. So the dirt under each was valued at $800k.

Meantime, there are still deals pending on 2 other Speedy Speckies: next-door neighbor 2600 Pine (last at $1.799m) and the faraway, least well-located of the bunch, 3613 Maple (last at $1.599m). We'll see where those wind up.

When those go off the board, there will be 3 left to go, 4 if you count the similarly quick, but very different, 1021 33rd ($2.1m) as well.

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