Maybe it should be no surprise that a resale of a newer home is coming out priced below some current spec homes.
Still, when
1901 Poinsettia (5br/5ba, 3200 sq. ft.) hit the market on Monday morning, we couldn't help but think of the 5 Speedy Speckies.
Poinsettia was the last spec home by the Speedy Speckies' builder…
Maybe it should be no surprise that a resale of a newer home is coming out priced below some current spec homes.
Still, when
1901 Poinsettia (5br/5ba, 3200 sq. ft.) hit the market on Monday morning, we couldn't help but think of the 5
Speedy Speckies.
Poinsettia was the last spec home by the Speedy Speckies' builder to sell in MB's Tree Section before the new crop popped up this year.
Only a couple of weeks ago, the first of the newbies posted a deal – that being
2516 Pine, last at
$1.899m. (See "
Your Ex(spec)tations on 2516 Pine.")
Now 1901 Poinsettia opens at
$1.849m, a modest $50k below several of the remaining new spec offerings. (
1601 and
1605 Pine, with smaller lots, are at $1.799m each.)
1901 Poinsettia sold for $2.0m in March 2008, one of the very last Tree Section speckies to net $2.0m or more. The offering had launched at $2.499m in Aug. 2007, but the market was beginning to collapse by then and it was clearly overpriced. Price corrections took about 6 months.
The corner-lot Caliterranean is now priced
7.5% below acquisition. Wouldn't that be a feat – to drop less than 8% since a time that was only slightly post-peak?
Meantime, we noted in this week's
Beach Reporter that at least one of the Speedy Speckies is now being offered for rent – at
$9,999/mo.
That one sure looks like
2600 Pine, neighbor of the one speckie to have a deal.
These were quick to build and if they're already heading to the rental option, that's also pretty quick to quit the sale market.
As with all of these, there's surely another chapter or 2 (or 3 or 4) to write before we can really assess this mini-wave of spec construction in the Trees.
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 September 13th, 2024 at 6:30pm 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.
