We'll be surprised if the new listing at 2317 Pine lasts a week. (Click address for details via Redfin.)
Value shoppers are going to gravitate toward this just-spacious-enough custom rebuilt/remodeled home. It began at $1.799m last week.
Let's lead with the few negatives, because they're so small:
We'll be surprised if the new listing at
2317 Pine lasts a week.
(Click address for details via Redfin.)Value shoppers are going to gravitate toward this just-spacious-enough custom rebuilt/remodeled home. It began at
$1.799m last week.
Let's lead with the few negatives, because they're so small:
- The back yard is for entertaining, not small children;
- the ceilings might be a bit low; and
- the two kids' bedrooms upstairs have to share a hallway bath. (Oh, horror!)
What Pine offers is 4br/4ba and almost 2900 sq. ft., with a cute, small basement room and wine cellar off the back patio. The great room space is cozy but not cramped, with nice stone and an arched ceiling
(sorry, we can't go with "cathedral" on a 12-footer). The look is kinda ski lodge.
The story is that this was a small 1960s home that was remodeled and added to in 2000 and again in 2005. Though it's custom, it's not too quirky. You can instantly imagine family life there. (Speaking of which, we'll credit Mrs. MBC with spotting this one first and noting that it could be something special.)
Analytically, we have to compare 2317 Pine with an Arbolado Ct. house that came on and sold quickly back in October (see "
Aggression Pays"). In that case,
754 14th underpriced the smaller and less-attractive neighbor (
758 14th) and sought
9% less by PPSF than another neighboring Arbolado home that had recently sold. No wonder it seemed like a value at the time. In the end, the home sold for $33k less than asking (final price: $1.665m) but never made it to the first open house.
So now, look at
2317 Pine compared with similarly priced homes. (Using a screen grap from MBC's current spreadsheet.)
Most obviously,
2317 Pine threatens
2404 Palm (on price) and
1413 Pine (first, on PPSF).
That's because 2404 Palm is strange (see "
Unique Ain't Always Great"), very 80s and features dank downstairs bedrooms and no real outdoor space. Those strikes are worth
far more than the $50k difference we see today. (Obligatory note: MBC considers Palm active because there's a sign out front and it came back from hiatus briefly in January, but it's not on the MLS right now.)
Meanwhile, much smaller and blanker
1413 Pine can't justify
$150/PSF extra. If this joy at
2413 Pine, just 10 blocks away, is worth
$620/PSF, then 1413 Pine, at the same PPSF, is worth
$1.36m (
-$330k from its current price).
There's some price impact from 2413 Pine on
2507 Valley, too, currently at
$1.790m ($634/PSF), but that's an odd house in an off location in a weird situation
(now pitching seller financing, and we can guess why), and they don't need MBC piling on at this time.
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 18th, 2024 at 10:56pm 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.