Do people want into the 90266 on whatever terms possible?
There are 5 recent, lower-end Tree Section sales that point to "yes."
It's been a sudden, perhaps coincidental, recent rush. All but 1 of these 5 came in under $900k, and the one above that threshold wasn't far above. (As always, you can click the highlighted…
Do people want into the 90266 on whatever terms possible?
There are 5 recent, lower-end Tree Section sales that point to "yes."
It's been a sudden, perhaps coincidental, recent rush. All but 1 of these 5 came in under $900k, and the one above that threshold wasn't far above. (As always, you can click the highlighted address to see the whole listing on Redfin.)
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730 Rosecrans |
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730 Rosecrans (2br/1ba, 875 sq. ft.) is the cheapest by a lot, a very small 1950s cottage that was recently retooled for sale, with refinished floors, new windows, new wallboard, a new (if small) kitchen and fresh paint.
The "third bedroom" has a closet but is quite small and hosts laundry hookups. (Identity crisis!)
730 Rosecrans began at $779k, but sold for much less: $671k (-$108k/-14%).
Less than $700k!
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2503 Valley |
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2503 Valley (2br/1ba, 950 sq. ft.) started slightly under $800k and closed a teeny bit above asking at $790k.
In August, we called this one "a surprisingly attractive option for the entry-level buyer," though it is "barely livable as is for most families." (Click for more of our review.) The point being, if you can deal w/ Valley, this home has some potential and interesting views of the trees along the greenbelt.
The home was last acquired in July 2007 for $1.031m, with the resale representing a loss of $241k (-23%) over about 4 years, before considering costs of sale. Since it was a rental in the interim, that looks like a flop of an investment.
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3521 Pacific |
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3521 Pacific (2br/1ba, 800 sq. ft.) tried last year at $935k, which was never going to happen. (Did we mention 800 sq. ft.?)
As we said in a review in February, "There's a location issue, and the home's remarkably small – just one living area in the main home and a single bath that's almost impossibly crunched. But the home is spiffed up in lots of places, surprisingly charming for what it is." A bonus room off the garage is a plus.
3521 Pacific closed for $795k last week (-$140k/-15% off the start last year). Is that land value for a 4560 sq. ft. lot near Rosecrans? It's not much above.
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1816 Pacific |
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1816 Pacific (2br/1ba, 975 sq. ft.) boasts a much better location along Pacific and a bigger lot (5080 sq. ft. vs. just 4560 at 3521), but it netted only a fraction more: $825k.
In a review in June, we called this one a "very little house, a real squish, without many indoor updates." But we noted "a big exception: out back," where there's a big swimming pool and hot tub set over newer stone pavers.
The listing touted the potential for a second story to be added, as if to say there's value in the current structure. At $825k, it doesn't seem the buyers agreed.
This one may have seen the greatest fall from its start price ($1.059m), with the closing at $825k representing a decline of $234k (-22%) from start.
That's a little funny because we overheard the listing agent saying at the first broker's open that there was "maybe a little room" to negotiate the price. Right, or 22%.
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837 12th Ct. |
Just sliding over the $900k threshold was 837 12th Ct. (3br/2ba, 1200 sq. ft.), a corner lot home right across from Pacific Elementary, which has just sold for $905k. (The house, that is, not the school.)
The home has some updates over its late-40s original, including a kitchen more of the 80s or 90s than mid-century. The yard is a bit awkward – it's accessed through the narrow side walkway and consists of 2 tiers, with a grassy area walled off from the lower, concrete patio area.
Of these 5 new title transfers at the lower end, none is really ideal as a building site, though 2503 Valley and 1816 Pacific have some potential. What the market could use – and some of our clients could use, frankly – would be well-located new lot offerings around the Trees. If you know of any options, post here or email MBWatcher. Thanks.
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 19th, 2024 at 1:55am 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.