First Shocker of 2014: 1417 Pine

By Dave Fratello | February 25th, 2014

It did not take very long for this year's market to give us a new shocker.

1417 Pine (4br/3ba, 2350 sq. ft.) is a unique remodel of a 1940s original with a great sense of style. It's a darling place that triggers feelings – call it "an emotional house," as one of our colleagues sometimes does.

This home launched at $1.850M, but didn't make it to the first open house.

This one came out before the Super Bowl, at a time of epic low inventory, and then, added to the stew, there's cheap money and the sense of a rising market and the emotional "must have" quality of this house and... whew, it was off to the races.

The winner of the bidding war paid more than $300K over list: $2.162M.

It's all the more amazing when you consider the limitations of the home:

  • Less than 2400 sq. ft., but a price like a 3000+ house.
  • A one-car garage, and – as we said in our review – by "car," we don't necessarily mean any of your cars. Basically the owners will park in the driveway and on the street.
  • The layout of the home is a bit less open than a the free-flowing layouts buyers typically now demand.

Those limitations were readily apparent to everyone who threw in. Location, character and availability won the day.

The first Tree Section shocker of 2013 was 1312 Walnut (3br/3ba, 2100 sq. ft.), which rocked the Trees last year with a close at $1.760M. (It had initially been in escrow at a higher price with the first buyer.)

Whoa, ho, that's $400K less than our newest shocker, just one year in the rear-view mirror.

But that was early last year. That sale closed in May.

In September, 1601 Pacific (4br/4ba, 2435 sq. ft.) went higher, netting $2,002,000.

For 2400-ish sq. ft. on busy Pacific. At least there you could point to the big lot and grassy yard, while 1417 Pine mainly has a paved back patio. (Side note: The MLS gives a very specific, but different, sale price for Pacific, $2,001,601. Tax records say $2,002,000. Why the $399 difference?)

When the Pacific sale posted, in our "shocker" post, we said, "We smell records being set for a home of this size and general location."

That was then. A whole 4-5 months ago. Ancient history.

To be fair, if this same house at 1417 Pine were in Santa Monica, north of Montana, it could have fetched $3M.

So, you see, MB still has room to grow, if we're going to keep rolling like there's no ceiling to be hit.

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