An update on our tale of 2 cottages down on South End walkstreets...
Both 424 5th and 429 7th made price cuts Tuesday.
424 5th (4br/3ba, 1925 sq. ft., pictured) lopped off $200k in its third cut so far, bring it down $600k (-25%) from its start at $2.399m around Labor Day last year. Now at $1.799m.
Meanwhile, 429 7th,…
An update on our tale of 2 cottages down on South End walkstreets...
Both
424 5th and
429 7th made price cuts Tuesday.
424 5th (4br/3ba, 1925 sq. ft.,
pictured) lopped off $200k in its third cut so far, bring it
down $600k (-25%) from its start at
$2.399m around Labor Day last year. Now at
$1.799m.
Meanwhile, 429 7th, the slightly bigger of the 2 homes (4br/3ba, 2125 sq. ft. ) and with the better layout, cut almost $200k in its second cut. Now at
$2.1m,
down $299k (-12%) from the same $2.399m start price.
As we've noted before, these 2 homes are linked for 2 reasons. First, they offer pretty much the same thing – a remodeled cottage with about 2000 sq. ft. on a flat walkstreet. Second, they're repped by the same agent, who surely must execute a delicate dance in pricing one vis-a-vis the other. (See "
Awkwaaard!")
7th is priced as the superior home, and we'll agree. (For more detailed comparisons, follow the link just above back to the prior story.) We should also note that a mid-block location on 7th St. is pretty much the definition of the kid-friendly walkstreet lifestyle, adding value for those who want that. (See "
Great Streets: 7th St. (Sand).")
But what is the going rate these days for that lifestyle?
The drop at 424 5th to about $1.8m may be the clearest sign of this sub-market's decline.
Last June, we watched a mid-block sorta-remodel at
408 6th take a big tumble to
$2.050m (according to the MLS; it was
$1.999m by tax records). That seemed to be near lot value at the time.
Something to watch: 429 7th was purchased for
$1.440m in Aug. 2002, near the start of the decade's RE price runup. If it sells this year, it will best that figure. But by how much?
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 29th, 2023 at 3:00am 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.
