Close the Books on 232 16th St.

By Dave Fratello | July 1st, 2013

232 16th (5br/5ba, 4975 sq. ft.) has been a frequent flier on the MLS over the years.

Finally, it has sold.

Some of the history:

  • Summer 2007: Asked $4.549M, quit.
  • Summer/Fall 2008: Asked $4.295M, quit.
  • Fall 2012: Asked $3.395M.
  • Spring 2013: Cut to $3.250M, then $3.145M.
  • June 2013: SOLD for $2.987M.

Along the way, the property had a little identity crisis. Sometimes it was marketed as 232 16th, sometimes 234 16th. (The property was split into two living areas at some point.)

And more importantly, the best explanation for that cascading drop in the list price: This one lost most of its ocean views when new construction popped up immediately west.

Picture windows designed to capture ocean and pier views now capture... the neighbor's nearly complete new home. The cute outdoor patio off the kitchen, once a place to sip café and watch the waves, now just feels urban, hemmed in by the new neighbor.

When this one was up early this Spring at $3.250M, we said, "that's rock-bottom type pricing for a big house on a treasured teen street just steps from downtown."

So to see it go under $3M in the end – is that below rock bottom?

Highland is a clearly a factor for buyers, and the home could use some updates, maybe remodeling to open up the top floor. But it's not a bad place, it can be worked with.

It's funny, back during the previous bubble, when the home was listed for $4.3M-$4.5M, even then it was being touted as the lowest priced walkstreet home west of Highland.

Now it's only really got a comp in the neighborhood, right across Highland – well, call it a cousin – that being 301 16th, a monster of a house (6br and 6300 sq. ft., officially) that was at some point a triplex on a 1.3-size lot (3600-odd sq. ft.). (Pictured here in its old condition, before a recent remodel.)

That one sold in Feb. 2012 for $2.900M, after trying for as much as $4.65M in 2010. It was more of a case, perhaps, than 232 16th, but now that it's been redone, someone is saying, "look at my $5M house I got for under 3."

Could that could one day be the refrain for the new owner at 232 16th?

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