A Look at October's Sales, Part I

By Dave Fratello | November 2nd, 2011
You know October's a wrap when you've finished the 10k, brought home a goldfish from the Hometown Fair, the pumpkins have paraded (at high speed) down MBB, and the walkstreets are more littered with candy wrappers than toys, for once. 

Now's the chance to look back at sales that wrapped up last month, a fairly light period for any year, and the lightest this year than we've seen for at least 7 years.

There were 15 SFR sales this past month in all areas of MB. We'll look at all of them in two separate posts. We'll go in price order, so here we begin with the lower tier, $600k-$1.3m:

1131 22nd (3br/2ba, 1700 sq. ft.) in East MB is both the lowest-priced and, perhaps, one of the strangest sales of October. The smallish house is on a sizable (5950 sq. ft.) corner lot at Cedar and 22nd, right behind the new Walgreen's. The listing emerged in mid-October at $775k as a shortie, was quickly withdrawn and closed a week later at $600,793.

Even for a challenged location, that is a cheap trade for the dirt alone.

Speaking of cheap dirt trades, 1021 33rd (3br/2ba, 1225 sq. ft.) is a west-of-Sepulveda sale with a location challenge of its own that just went for $680k.

The odd, but large (7050 sq. ft.) and triangular lot is perched above the greenbelt right where Ardmore becomes 33rd St., where Ardmore commuters line up to turn left at Sepulveda. (Or go straight across to the mall.) The home – with pool – was sold as-is, but that's not to say it's a certainty that new construction is coming. TBD.

1630 22nd (3br/1ba, 1070 sq. ft.) is an original 50s cottage that's been polished up a bit, with a nice enough little yard in back on a 5000 sq. ft. lot.

It's near Polliwog and the middle school. Touted quite simply in the listing as a "[d]elightful starter home," it closed for $750k.

712 29th is a lot sale that moves us considerably up on price.

The 4800 sq. ft. lot sold off-market to a spec developer for $962,500.

We've used as a rule of thumb that standard-size lots in the Trees are worth $800k or so, before adjusting for location and other factors. This is definitely a standard-size lot, and a notable sale price.

917 9th is a Hill Section lot sale. The 7500 sq. ft. lot sounds attractive, but the considerable downslope is going to be somewhat hard to work with.

Still, that dirt netted $1.2m even, down from a $1.350m start.

Neighbor 921 9th is undergoing some spec development as we speak. The lot there was acquired for 28% less, $860k, not long ago, in December 2010. The public offer price there had been $999k, but once a deal was cut, they canceled the listing and never reported the sale on the MLS.

1632 Mathews (3br/3ba, 2700 sq. ft.) is a newer build (2004) on a full-size, 7500 sq. ft. lot in East MB, a good start.

But then we need to note that 3br just won't do it for most families, and the pool is an interesting feature that takes most of the yard and isn't what most buyers want.

Quibbles, quibbles. They priced it right. Mathews lasted all of 3 DOM and traded – a notch below asking – at $1.300m.

1908 Elm (4br/3ba, 3520 sq. ft.) is a mid-1980s build that had been somewhat refreshed recently.

We mentioned it earlier this week when it set a new low for Tree Section PPSF.

At $1.330m, the sale wrapped with a PPSF of $378/PSF.

We'll look at the balance of October's sales in the next installment.

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