Last Week's New Listings: Absorbed

By Dave Fratello | March 22nd, 2013

Sometimes people might wonder: Why, Dave, do you spend so much effort rushing to review all the public open houses?

Last week, we wrote about 9 new listings in our "Weekend Opens" post, and that wasn't even all the new inventory.

One answer is: We're not sure we'll have a second chance to mention these homes if we don't get to them right away, as they come out.

Consider: Of the 9 we wrote about last week, 7 already have deals. Buyers positively raided the Tree Section:

585 31st (6br/7ba, 3500 sq. ft.) is new construction on a street-to-alley lot west of Blanche, with a pleasing Cape Cod-inspired style, white and bright all around.

We loved the great room in back, with wide-open spaces, high ceilings, dark flooring, a vast and modern kitchen and a whole back wall of folding/disappearing doors that open the great room fully to the sunny backyard.

585 31st started at $2.849M and is in escrow now.

1813 John (4br/5ba, 3550 sq. ft.) is a newer (2007) custom Cape Cod on one of the objectively great streets of the Tree Section.

Homes on John keep drawing the bidding wars. On this one, we said, "here they've priced in the specialness, asking $3M."

Was that too high to reach?

No. Multiple offers on a list price of $2.999M. Watch out, ceiling.

1312 Walnut (3br/3ba, 2100 sq. ft.) is not just a quick deal – it's going to shock this market.

This is a 1950s cottage with an add-on over the garage – it's plain on the outside, but has a nice wraparound yard and has been updated inside.

It last traded in May 2010 at $1.250M, and has been remodeled since.

For about 2-3 years, this home, in remodeled condition, was about a $1.35-$1.4M home. They brought it out at $1.599M this year, pushing against what should have been its max value.

But no.

Multiple-multiple offers came in, and the sale price here will simply shock you when it closes. Imagine what's the most you'd think it could go for. Then add. Then a little more. Wow.

Last year, there were several sales that caused heads to shake. Maybe the one that made longtime local real estate pros' jaws drop the most was 2301 John (4br/3ba, 2600 sq. ft.) a mid-century modern light fixer on a corner lot, which went for $1.880M. (See "Close the Books on 2301 John.")

This year, jaws won't just drop. They could dislocate.

2330 Ardmore (4br/5ba, 4800 sq. ft.) is an absolutely enormous remodel on 3 levels, one we called "a landmark of sorts, one we've often fancied from afar."

Despite all the square footage, it's functionally a 3br home. Don't call that a limiting factor though: Multiple offers against a list price of $2.788M.

This one provides an interesting case study of "off-market" versus public market. We first saw it late last year as a pocket listing. But they wound up bringing it to the public market here in March.

Off-market: No sale.

Public market: Multiple offers.

1725 Oak (4br/5ba, 3200 sq. ft.) is a a lovely home in a location that no one really seeks out: Oak Ave., albeit on the "right" side of Oak (west side).

We called the home a "masterful execution of an authentic-feeling Spanish," and "a gorgeous specimen of home building, the proverbial diamond in the rough." (The rough being Oak, in this case.)

Someone shared those opinions, and called it "must have." List price: $1.999M. Now in escrow.

2417 Crest (3br/4ba, 2300 sq. ft.) is a rear-unit TH that gets great ocean views from a recently remodeled, wide-open space up top.

We loved, loved, loved how a little back patio off the kitchen had been effectively turned into an indoor/outdoor living space, complete with a "South African Braai-style fireplace."

This one began at $2.499M and has a deal.

712 Marine (5br/4ba, 3250 sq. ft.) is a newer Cape Cod (2004) nearly at the corner of Marine and 25th, nicely appointed, with the master in back getting treetop views that give is a true "retreat" feeling that you would not expect on Marine.

712 Marine sold new in Aug. 2005 for $2.075M, listed this year 16% higher at $2.399M, and is in escrow.

These sales don't tell the whole story of the past week. Several other new listings went quickly, too. 

As of last Friday, MB had 46 active listings.

With the rush of new listings – 17 over the past week – minus the new sales, inventory is at 46 again as of Friday morning.

But probably not that high for long.

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