MB Market Update for 6/15/08, Sand

By Dave Fratello | June 23rd, 2008
The MB Market Update spreadsheets (with revisions on the Sand Section closed sales page) are available by clicking here, or at any time by using the link on the upper-right corner of the front page.

This article summarizes SFR activity in the first half of June in the Sand Section. Information in this update closed June 15.

Sand Section

There were 37 active SFRs as of June 15.

There were 8 new listings in the period, including these:
  • 500 7th (pictured) is a corner-lot on a walkstreet in the South End, and, hey, it's even one that MBC recently labeled one of MB's "Great Streets." There are 3br downstairs and one debatable "bedroom" (now a living area) off the kitchen and dining room.
Pluses: Very high ceilings, bright rooms, roofdeck. Negs: A 80s/90s feel, small kitchen, minimal outdoor space, too-open floorplan that needs more definition. Started at $3.195m.
  • 532 6th, with 4br/4ba and 2700 sq. ft., is for folks who want the South End, the walkstreet appeal, tidy spaces and a warm environment, but don't mind being on Valley. This cuts both ways. You've got greenbelt views, but also cars whooshing by at all hours. The master is a retreat with treetop views to the west. Priced at $2.350m, after a very brief try at $2.7m last November.
  • 1501 Crest, a 3br/3ba, 3-story, 2100-sq.-ft. home with some tight spaces but big ocean views. Very near downtown and one door off of Highland on fairly busy 15th. The news is that someone paid $1.368m just a bit less than 2 years ago in July 2006, and now looks to get back out for about $1.549m (+$181k/+13%). As we write, Crest is in escrow.

There were 2 sales (new escrows) in the first half of the month:
  • 117 7th, a 2br, newer home with 2350 sq. ft. of living space, went quickly priced at $4m – rumor is overbids drew it above $4.3m. Location, location.
  • 473 31st is new construction first offered last Fall, most recently at $2.999m.

Several cuts this period, including:

  • 228 29th Pl (pictured) cut twice in our 2-week window, from $2.499m to $2.379m, and then again to $2.279m. This is behavior commonly associated with trying to sell a house.
This essentially new custom home began its most recent public offering at $2.629m, so it's down $350k/-13% from there. Last year it started at $3.049m. It's down $770k/-25% from that point, which must have seemed reasonable at the time.
MBC has offered lots of "wows" about this 4-level home in the past, not least those commanding ocean views from a stunning top-level kitchen/dining/living room. Sellers built the place for themselves and then realized they needed a yard for their small kids more than they had expected. It's starting to look like they're very serious about making the move.
  • 400 3rd is a dreamy shingled beach home on a corner lot in the South End that we've mentioned before, too. Now, new agents, new paint, new price: $3.299m.
  • 4419 Highland, the Gateway to MB, is now at $1.265m. Remember the builder wanted to unload the project before the home was built for $1.4m. Still simultaneously available for lease.
  • Dreary 505 3rd made a token move down to $1.829m, but that hardly shows any recognition of the fact that comparably sized, comparably located and cleaner, fresher 437 1st just sold for $1.610m.
Among the closed sales in this period were a couple of overbids on lots:
  • 125 31st is a clean contemporary west of Highland that grabbed $3.35m, down a modest $199k/-6% from its start after 3 months on the market;
  • 204 38th was offered as a lot sale for just $899k. It was new in this period and it closed at $1m in this period; and
  • 2312 Grandview drew lots of interest before and after it hit the MLS, selling for $1.610m, above its posted $1.5m asking price.
UPDATE: The original version of this story said 204 38th would be torn down; we're now informed that it will be fixed up instead.

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