Can you get $3M for a new home east of the highway?
That's what they shot for at 1200 10th (5br/6ba, 4600 sq. ft.) at one point, but it doesn't look like they'll get it.
But they do have a newly posted deal – the second time this property has gone pending in a 2-week period – with a list price of $2.799M.
If…
Can you get $3M for a new home east of the highway?
That's what they shot for at 1200 10th (5br/6ba, 4600 sq. ft.) at one point, but it doesn't look like they'll get it.
But they do have a newly posted deal – the second time this property has gone pending in a 2-week period – with a list price of $2.799M.
If this deal sticks, it will still be an impressive number.
Here's the background:
- July-Nov. 2012, listed at $2.899M while under construction
- MBC ran a post in July 2012, see "$2.9M for New Construx in East MB"
- re-launched in April 2013 at $3.199M
- cut in June to $2.999M
- cut July 15 to $2.799M
- posted a deal July 22
- old listing removed and property re-listed "new" on Aug. 2 at $2.799M
- posted a deal Aug. 6
For our review of the home, please see this Weekend Opens post from Memorial Day weekend.
It's easy, perhaps, to write off the (temporary) pursuit of a 3+ number, but remember, there was a time this year when it looked as if there was no ceiling. No height too high in this market.
If 1200 10th now closes in the 2.7-2.8 range, here's how it would fit in with historical sales of new & newer construction from the last bubble:
- 1622 Gates (5br/6ba, 4850 sq. ft.) at $3.100M in June 2007 (pictured)
- 1602 6th (5br/5ba, 4800 sq. ft.) at $2.830m in July 2007
- 1603 5th (4br/5ba, 4700 sq. ft.) at $2.800M in Aug. 2006
- 1613 Gates (5br/5ba, 5100 sq. ft.) at $2.750M in Nov. 2007
- 1622 6th (5br/5ba, 4450 sq. ft.) at $2.725M in Nov. 2007
- 1514 5th (5br/5ba, 4550 sq. ft.) at $2.690M in Oct. 2006
- 1636 Ruhland (6br/5ba, 4435 sq. ft.) at $2.675M in Jan. 2007
That list includes only standard-size lots around 7500 sq. ft., or, for a couple of those top sales, 8700 sq. ft. corner lots. There are a few sales at $3M to nearly $6M if you go with much bigger lots in some of the tucked-away parts of East MB.
Interestingly, 1603 5th, despite that high 2006 sale at $2.8M, recently resold at a noteworthy 8% discount – $2.575M just this April.
Besides 1603 5th, the two most recent sales in this price territory east of Sepulveda are 1544 Voorhees (6br/6ba, 5135 sq. ft.) at $2.6M in June 2012, and huuuuge 1520 Gates (6br/6ba, 6015 sq. ft.) at $2.625M back in (gulp) June 2009. That's a way of saying these sorts of numbers have very rarely been hit since the "pop."
UPDATE: Just after the daily email went out, a new East MB sale closed: 1146 8th (5br/6ba, 5000 sq. ft.) at $2.575M – $80K over asking.
A sale near $2.8M at 1200 10th won't exactly mark out uncharted territory – been there, done that, with Mediterraneans about 6 years ago. But it will be a new height for this market, and a solid endorsement of the new "plantation" style as well.
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 March 21st, 2023 at 3:46am PDT. 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.
