A sales drought in the Tree Section $2m+ segment has now ended after 25 days.
MBC's records show that the last sale was 3005 Poinsettia, posted on June 29 and discussed here.
Today comes the news that the new construction at 3113 Valley is pending.
This home is 5br/4ba, 3400 sq. ft., on a slightly larger-than-usual…
A sales drought in the Tree Section $2m+ segment has now ended after 25 days.
MBC's records show that the last sale was
3005 Poinsettia, posted on June 29 and discussed
here.
Today comes the news that the new construction at
3113 Valley is pending.
This home is 5br/4ba, 3400 sq. ft., on a slightly larger-than-usual lot (5000 sq. ft.). Last price was $2.299m – or $674/sq. ft., the lowest among Tree Section new construction.
Bonus feature: Solar electric generating system pre-installed. Nice.
But 3113 Valley has been immediately replaced by a new home at
3104 Pacific (pictured), which begins at $2.149m,
$150k below the other new construction in the Trees.
That probably seems like aggressive pricing for a newbie that, by profile, is a lot like the others that are close in price (5br/4ba, 3200 sq. ft.).
But 3104 Pacific also must consider two new homes on Pacific sold within the last year that sat around awhile and took real reductions.
- 2512 Pacific (5br/4ba, 3600 sq. ft.) began in March 2006 at $2.350m. It stuck around and the listing language got more pleading – "Waiting For The Bubble? Seller Will Negotiate Now!!!" County records show it sold for $2m (plus $4k) in Nov. '06, down $345k (-15%).
- 3405 Pacific (4br/4ba, 3200 sq.ft.) also began in March 2006, at $2.149m. It sold one year later for $1.775m, down $375k (-17%).
With neighboring new construction selling for $1.775m and $2.0m, all of a sudden, the price on 3104 Pacific looks quite high.
The home at 2512 was bigger, but went for $150k less than the start price here. All things being equal, at the same square footage price ($556), 3104 should sell for $1.780m – about the same as 3405 Pacific.
Of course, those sales closed long ago. We need not consider them now. It's a different market already.
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 December 13th, 2024 at 6:14am PST. 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.
