MB Market Update for 3/15/10, Sand

By Dave Fratello | March 25th, 2010
The Sand Section was a bit slow to catch the wave of this relatively busy 1st quarter, but it's making up for lost time.

For this update, we'll look at activity in the first half of the month, as seen on our MB Market Update spreadsheets, and add in some more up-to-date action to bring you current.

Sand Section

Total inventory at mid-month was at 34, with 17 SFRs offered for less than $2m (see actives <$2m), and 17 more offered for $2m or more (see actives >$2m).

New offerings in the first half of the month included:
  • 125 8th ($2.995m) (pictured), 416 6th ($1.779m) and 3413 Bayview ($835k), none of which lasted long – only Bayview slipped past March 15 before a deal was posted. 
  • 316 10th (4br/5ba, 4100 sq. ft.), a steel-and-glass modern at the corner with Crest that probably won't go quite so quickly at $3.8m. It was offered for parts of 2007 and 2008 for $3.999m, but has returned now as a bankruptcy sale – with a possibility that the home will rent out (again). At that price, bet on the rental.
  • 445 32nd (3br/2ba, 1900 sq. ft.), an older cottage up on the plateau with some updates, and also some of the, er, least-good listing pics we've seen. 
The price changes every few days – it began at $1.4m, got changed quickly to $15m (in error), then $1.5m, then $1.45m, and is now creeping back up at $1.490m. Curious note: The seller is the listing agent.
  • 456 27th (3br/3ba, 2625 sq. ft.), the Tudor on sleepy 27th that has drawn a few mentions here at MBC (see "Kickin' It Old World"). Priced at $1.690m.
Since mid-month, there are a couple highlights among the new offerings:

  • 311 26th (4br/5ba, 2475 sq. ft.), a newer (2007) custom home on a 2/3rds-size lot just above Highland.
Big ocean views over Parque Culiacan Bruce's Beach Park are just the beginning of the story. Great European styling is carried through inside with fantastic detail.
Is $2.798m ambitious given the home's size? Yes.
  • 124 3rd (6br/6ba, 4650 sq. ft.) is a mid-90s home that's been split into a duplex, but they say it can be brought back together. That may be worthwhile since the 100 block of the South End walkstreets doesn't come available often. Starts at $4.295m.
Among the sales (new escrows) this period not mentioned above (see the Sand solds page here):
  • 2 on Crest in the North End – 3316 Crest (4br/4ba, 2100 sq. ft.) (pictured) is a modern remodel with tiny bedrooms and big ocean views, offered for $1.785m, finding a buyer within 4 weeks; and 3408 Crest (2br/2ba, 1100 sq. ft.), listed among SFRs despite the extra unit, had been listed since October, when it began at $1.050m. 
For 3408, that $1m-plus start appeared to be a rescue price – the owner paid $890k in Sept. 2005, but only found a buyer when the price dropped to $779k and the listing officially went short.
Not many price cuts this period, but we did see:
  • 1200 The Strand (5br/5ba, 4250 sq. ft.)  making one quick, precipitous $2.250m cut after just a couple of weeks on offer this year, now at $8.450m
This prompted MBC to opine, gently, that "another cut of the same magnitude doesn't seem impossible," while a couple of MBC readers thought the offering, 80s vibe or no, may be priced right now – we'll watch.
  • 435 10th (4br/3ba, 2025 sq. ft.), the fun and funky old-world walkstreet home near Valley and downtown, cut yet again to $1.499m.
  • 517 1st, most recently featured in "Re-Re-Repriced on 1st" in mid-February, was re-priced again, creeping ever back up toward its start price ($1.899m) with a new step up to $1.825m, after which the listing immediately went "on hold" for a bit (that's why we have no live link to the listing at the moment). The listing had dipped to $1.599m as recently as Feb. 5.
For all the sales action we've seen early in 2010, closed sales have been slow to come through. A few this period:
  • 316 Manhattan Ave. (4br/2ba, 1950 sq. ft.) (pictured) is a 60s build with some contemporary-style updates, but it still needs plenty of work to come into the 21st century (a dated, walled-off kitchen and wretched master bath being top issues). But it did offer a nice location and a different, family-friendly layout with 4br all on one level. 
Manhattan Ave. began at $1.699m last May, and after a few months of promoting a price cut closer to $1.6m as big news, the listing closed for $1.430m (-$269k/-16%) in early March.
  • 225 Moonstone (3br/2ba, 1350 sq. ft.), a smallish, freshened-up 60s cottage in El Porto Norte, garnered $1.109m (per public records, $1.125m by the MLS), a modest dip below its Dec. 2005 acquisition price ($1.140m).
  • 501 4th (5br/5ba, 4100 sq. ft.), a newer (2005), sunny Ingleside-adjacent Caliterranean sold short for $2.525m, a significant chop below its price when new ($2.750m, June 2006). As is common with short sales, this one had hung around in escrow limbo for months before keys were finally transferred late last month.

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