lot values

There are currently 79 blog entries related to this category.

To judge by the most recent closed sales come in, you'd think no one knows how to price a house anymore.

We've seen markets where nearly every listing price seemed to be an overreach. Today, start prices seem to be literally just the starting points. Consider these very recent closings:

510 23rd (4br/4ba, 3200 sq. ft.) is a 2009-built Spanish in the gaslamp district.

Start Price: $2.699M

Sold Price: $2.826M

Amount Over Asking: +$127K / +4%

Note: That result was different from when the same home debuted back in 2008-09. It ran 7 months on market and sold for 16% under the asking price way-back-when, the year your kindergartner was born.

1901 Lynngrove (3br/1ba, 1100 sq. ft.) is a mostly original corner-lot cottage in Liberty Village. The home has

Late last year, we took note of one sale just east of Highland in the teen walkstreets that radically raised the bar.

The value of a standard-size lot on the small stretch between 16th-20th St. had never, historically, hit the 3's... until the sale at 309 18th at $3.250M just before Thanksgiving. Really, values had never been close.

Now, raising the bar higher: 313 17th St., posting a sale at $3.500M.

Like 309 18th, the sale was arranged off-market late last year. Unlike 309 18th, the sale was not posted to the MLS. So, to date, this sale has been known mostly just to neighbors and the real estate community.

(Disclosure: Dave counseled the seller, but did not participate in the sale of 313 17th. Also, the legal address is 312 17th Place.)

There's a…

Back a bit before Christmas, we tried to calm MBC readers who were thinking that the the ocean-view lot at 864 5th in the Hill Section might be selling for less than $2M. Such a deal?

In "No, That's Not a Lot Under $2M," we pointed out that the active listing price of $1.949M had already been exceeded in a first-round bidding war.

The price had settled around $2.6M, but that was pending an all-important "court confirmation" with a potential for overbids in court.

That court hearing happened Jan. 23, and overbidding happened there.

The closed sale has now posted: $2.900M. That's for a 5700 sq. ft. lot that gets some views from front and back (that photo's from the back deck of the current structure).

Next stop: New construction. And do you even want to…

It might look like such a deal online. But no, the ocean-view lot at 864 5th in the Hill Section will not be selling for less than $2M.

It's easy to understand any confusion that's out there. (It's out there. We get inquiries about it all the time.) 

The property is listed online at $1.949M. It's now 6 weeks into its run on the market – or so it would appear.

Hey, it's the holidays. Maybe make a run at this one and get a deal?

No no no.

The truth is, they've already had something of an auction for 864 5th. And while the first round of bidders may have begun by thinking they had some kind of steal-of-a-deal potential, the market found a new level for the property.

Bidders shot the value up to the mid-$2.6M range. Now there's an accepted offer.

So why…