John St. New Construx Didn't Crack $6.5M

We wrote recently about the new construction at 2100 John (5br/6ba, 5400 sqft.), which had just gone into escrow.

When the home had first hit the market at $6.999M, with first showings in July, there was a bit of chatter among agents, at least, that this seemed a bit ambitious.

(The property was Listed by Barry Host, Vista Sotheby’s International Realty.)

We checked at the time, and, yeah, there really wasn't yet a precedent for a price quite up there.

The price was dropped to $6.795M after a few weeks, and, by early September, there was a deal.

We speculated upon that new escrow (did we assume?!) that perhaps the home would sell over $6.500M.

For that reason, in our post ("Aiming for Martys Numbers on John St."), we sketched out the very, very small list of Tree Section homes that had sold for $6.500M or more that were not located in the American Martyrs area (west of Pacific and south of Ardmore, in the areas immediately surrounding the church and school).

Alas, 2100 John has just closed for $6.450M, or $345K off the last asking price.

Turns out "They Just Offered What It Was Worth," to quote a phrase.

So much for that $6.500M threshold and all that research we shared before.

(TL;DR = none of those sales were on standard-sized lots; 2 were double lots, one was a 7000 sqft. lot, and one was at at the peak of a hill on Fisher Ave., where Sand Section-style zoning prevails.)

But y'know, nerds can't rest if we're going to take over the world, so here's a different cut of data.

We'll look at the top sales for non-Martyrs area Tree Section homes on typically sized lots.

2100 John at $6.450M is the highest sale.

The next-highest 4 were all sold within the past year. Here they are in price order:

615 23rd (5br/6ba, 4388 sqft.) at $6.225M (July 2022) (Listed by Anthony Accardo of Compass)

559 31st (6br/8ba, 4942 sqft.) at $6.100M (Nov. 2021) (Listed by Lee Legrande of Palm Realty Boutique, Inc.)

559 33rd (5br/5ba, 4442 sqft.) at $6.000M (May 2022) (Listed by Teri Hawkins of RE/MAX Estate Properties)

750 29th (6br/8ba, 4835 sqft.) at $5.985M (May 2022) (Listed by Sera Najarian of Douglas Elliman of California, Inc.)

And you'll want to track one more that's in escrow:

641 27th (5br/6ba, 4697 sqft.), asking $6.149M (Listed by Robert Lane, Vista Sotheby’s International Realty)

So, yes, it appears that this past year was the time that the 6's for new construction became a thing, culminating with this $6.450M at 2100 John.

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We can't celebrate the new high sale on John St. here without noting that it's good news for two sets of clients. (Hi, guys!)

A few years back, Dave represented the buyers of two other new construction homes on the same block of John.

Each was in the middle-4000s in terms of square footage, and the sale prices were, respectively, a little under $4M and in the middle 4's.

These sales put each of those homes' current values in a nice place, indeed.