MB Market Update for 1/31/10, Hills & Sand

By Dave Fratello | February 3rd, 2010
As noted the other day, the new MB Market Update spreadsheets for 1/31/10 are online, reachable by using the link in this story or, at any time, the link under the pull-down menu on the front page under "MB Market Updates."

On Monday we said that overall inventory at month's end was at 74, the same figure as for 2008, but with one correction, it was at 73, still down quite a bit from 2009 at the same point. Here was the inventory by section:

Hill Section: 13 (+4 over mid-month)
Sand Section: 32 (even)
Tree Section: 28 (+3)
Just since then, we've seen 3 new SFR listings pop up west of Hwy. 1.

Much of the activity in this 2-week period was in the Tree Section, so we'll combine coverage of the Hill & Sand sections first.

Hill Section

Each of the 4 new listings in this period has already had some screen time at MBC for in "Weekend Opens" and other posts. (Click here for the Hill actives page.) They are:
  • 923 8th (pictured), a newer (2005) home just steps from 800 N. Poinsettia, but this one's luxurious. It also offers nice city views to the north. (For more, see " Sunday Opens (1/24).") Starts at $3.599m
  • 1026 Duncan, a newer (also 2005) Cape Cod with ocean views upstairs. It's an REO but the listing doesn't yet say so. Purchased for $2.5m new in March 2005, went back to the bank recently and is now offered at $2.450m
One sale (new escrow) in the Hills this round: spectacular 511 Pacific (see "Pacific Connection"). This huge, surprising home began at $8m last year; was last at $5.750m.

Just one closed sale in this period, which MBC actually reported on previously. That was 815 2nd, a spec home that saw its developer partnership go BK, with the home selling in bankruptcy court for $2.650m.

Yes, that's what we reported on Dec. 28, 2009 (see "Close the Books on 815 2nd"), but court confirmation and a final closing only came in late January.

Sand Section

By the beach, you can hear the crickets.

That is to say, things are unusually quiet. While the rest of MB is seeing a little inventory surge and some interesting quick sales, the Sand Section is focused on those storm surges sloshing around the lifeguard stands and washing away El Porto.

Just 1 new listing in this period, 1 sale that closed almost instantly, and 1 other closing.

The new offering is:

405 9th, a lot sale in a great midblock, flat walkstreet location. That's the good. The problem is the start price at $2.3m

Just last May, neighboring 408 9th, a wonderful, if not-so-big (4br/3ba, 2400 sq. ft.) remodel sold for $2.160m. (That's the tax record price; MLS says $2.175m.)

That price was for a move-in-ready house. The land value there would have been $1.7m-$1.9m. 405 9th is on the sunnier south-facing side of the street, but that's the only positive difference.

We're looking at the recent lot sale at the very desirable corner of 7th/Ingleside (441 6th Place), where the dirt traded for $1.5m in early January. Now we look back to 405 9th and say, "Hmmmmm."

Those 2 closed sales:
  • 1704 Highland (4br/4ba, 3300 sq. ft.), the last new listing of 2009 in MB, and one of the first sales of the year, closed at $2.1m. This was well below the May 2005 price of $2.425m, but barely below what the previous owners paid ($2.125m), as relayed in "Last to First on Highland."
  • 216 30th, a bright, clean, smallish (2br/3ba, 2000 sq. ft.) ocean-view home on a half-lot, closed for $1.615m after a very quick deal (2 days) cut made late last year.
More soon on the busier Tree Section.

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