MB Market Update for 6/15/08, Trees

By Dave Fratello | June 25th, 2008
The MB Market Update spreadsheets 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 Tree Section. Information in this update closed June 15.

As always, click on any highlighted address for more pics & details via Redfin.

Tree Section

There were 44 active SFRs as of June 15, with 22 priced below $2m, and 22 priced above $2m.

Among 6 new listings, 2 sold quickly within the 2-week report period:
  • 2825 Valley (pictured), a shrimpy, remodeled cottage squeezing 4br/2ba into 1400 sq. ft., though with a larger-than-normal 5000-sq.-ft. lot. They were only asking $1.129m; and
  • 3314 Laurel, a good-sized remodel (4br/3ba, 3350 sq. ft.), sought $1.879m – a very substantial markup over the May 2003 purchase price ($1.158m – +$721k/+62%). We're assuming these folks accomplished the remodel.

Those 2 sales were part of 6 sales (new escrows) in the Trees that stuck (3309 Pacific went into and out of escrow). Other sales included:
  • 3505 Pine (pictured), a dated home (3br/3ba, 2400 sq. ft.) with some layout quirks but surprising beauty to the location, last at $1.380m;
  • 794 27th, Teri Polo's Asian contemporary on a busy street (see "You Can Lose in MB"), last at $2.099m, or $400k below the acquisition price 2 years ago; and
  • New construction at 664 33rd (5br/5ba, 3550 sq. ft., the "Coastal Plantation" home) priced at $2.689m that had been on market less than 2 weeks.

Other new offerings were:
  • 3600 Flournoy, a home with limited curb appeal where they've turned lemons into lemonade with a very tasteful update and nice interior spaces in an older 4br, 2350 sq. ft. remodel. Starts at $1.425m;
  • 2105 Walnut, a dated, 3br/2ba, 1625-sq.-ft. home offered at $1.299m (almost $800/PSF, luxury pricing);
  • 3409 Maple, a pretty grand, newer home with 5br/3ba and 3200 sq. ft., starting at $1.815m; and
  • 633 15th, which many of us know as the local Santa's house, offers 6br and 6000 sq. ft. on a double-plus lot (12,500 sq. ft.) near American Martyrs; some harsh initial reviews for the home, though, particularly with its $5.495m start price.
The biggest rumble in the Trees came from a price-chopper:
  • 737 36th has been for sale for most of the past 2 1/2 years, but was always substantially overpriced. (See "Surrender on 36th.") Enter a new agent with a bold strategy: Price it like the deal of the year, and they'll mob your door.
Guess what? They did. Last price: $1.584m. New "deal" price: $1.299m. At this writing, it's in escrow after multiple offers… rumored sale price: $1.43m.
Other cuts:
  • 2509 Walnut sold quickly after chopping to $2.099m – and "quickly" was never a word that applied to this standard-issue newbie, with 300+ DOM. Started at $2.449m in late July 2007, crept down to $2.199m, and finally got a deal with the latest cut.
  • A longer-term newbie at 2611 Palm cut $90k more to $2.195m, so it's now down $300k from start, but list is still much higher than this one's twin – 2309 Pacific – went for recently ($1.890m). Is the location adjustment really $300k?
Meanwhile, 6 sales closed in this period, all above $2m. They included:
  • 850 18th (pictured), a lush, huge (6br/7ba, 5950 sq. ft.) newer home that had sold quickly when offered (see "We Hardly Knew 850 18th"), closed at $4.4m;
  • Neighboring new construction at 2701 and 2705 Palm, at $2.749m and $2.689m, respectively; and
  • 570 27th, a new home known as "The Farmhouse," closed for a whopping $1.2m and 31% off the start price, down to $2.680m (see "Bought: The Farm(house)").

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