About 3 years ago, some folks decided they'd like to build a big dream house on the 17th Street walkstreet east of Highland.
The lot would be fairly unique: 329 17th St. is a Sand Section walkstreet lot, but instead of the typical 30' x 90' size, it's a bit over 4050 sqft. That's a lot and a half.
With that,…
About 3 years ago, some folks decided they'd like to build a big dream house on the 17th Street walkstreet east of Highland.
The lot would be fairly unique: 329 17th St. is a Sand Section walkstreet lot, but instead of the typical 30' x 90' size, it's a bit over 4050 sqft. That's a lot and a half.
With that, you could build perhaps 6000 sqft. without digging a basement. The extra-wide lot on the walkstreet would afford an attractive, impressive frontage. Its peak position on the hill would give it some of the best views possible.
In March 2014, the lot-and-a-half listed for $3.700M. Quickly, buyers rushed in, closing the deal for more, $3.740M, by the end of April.
And then, nothing.
Well, nothing happened on the lot, while the buyers noodled on their dream-house plans.
But on the block, and other nearby east-of-Highland walkstreets, a lot of stuff began to happen.
Over a pretty limited span of time, multiple east-of-Highland walkstreet homes and lots sold, raising the acknowledged market value of a standard, 2700 sqft. lot to the mid-3's.
- 309 18th sold for $3.250M, far over its $2.9-ish asking price (Nov. 2014)
- 313 17th sold for $3.500M (off-market, Jan. 2015)... to the owner of an neighboring double-lot manse that already dominates the block
- 316 17th sold for $3.400 (April 2015)
- 333 17th sold for $3.500M (Aug. 2015)
- 316 18th (Dave's listing) sold for $3.575M (Oct. 2015)
- 304 18th sold for $3.670M, $75K over asking (May 2016)
- 404 20th sold for $3.995M (June 2016); it's got a full-size house on it, though one that wants remodeling or more drastic action
- 316 17th sold again, this time for $3.525M (Dec. 2016)
Well, heck, if a typically sized lot was worth $3.500M or so, then equity was magically appearing on the lot at 329 17th, where they'd paid a little over $3.700M.
Cashing out the notion of building that dream house after all, the owners began shopping around their lot-and-a-half to see if there were any takers at today's new prices. (Readers here should know that you don't get all the info that's available on our market online; you'll need a local agent to be your eyes and ears.)
And yes! There were takers.
They've now resold the lot for $4.650M.
That's a markup of $910K over the April 2014 price (+24%).
After costs of sale, that's about $700K in raw profit (pre-tax).
No elbow grease required. Just good timing.
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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 18th, 2024 at 6:20pm 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.