Near $3M in the Trees

By Dave Fratello | November 27th, 2013

There aren't many Tree Section homes to have hit $3M or more, historically. Limited lot sizes and zoning restrictions on interior square footage are the main factors.

But that number was exceeded in 2007 on a rare 4200+ sq. ft. house at 927 27th (5br/6ba, 4250 sq. ft.), and they've just come pretty close to that in reselling here in 2013.

Back in Aug. 2007: $3.150M.

Now: $2.900M.

OK, they didn't beat 2007, but it's still a big number.

They got that bonus square footage (and higher price each time) thanks to a basement that really feels like a bona fide third story. The lot was a steep upslope from 27th St. before the builder dug into the hillside to craft this home. Since they were going to dig and shore for the garage, why not build the big basement? Good call.

In a review in July 2011, when the home was previously on the market but failed to sell, we said:

The home's big and luxurious, a cut above most newer builds. The original home was customized further by the current owners with upgrades to kitchen cabinetry, the master suite and the installation of a housewide (and exterior) sound system. An authentic, wood-burning pizza oven outside is another personalized plus, while the wine room downstairs has been properly insulated and has its own cooling system.

With a smaller-than-normal lot (3940 sq. ft.), the large home is laid out somewhat more like a Sand Section house, with 3 levels – 3 full bedroom suites upstairs, one on the middle/entry level (now set up as an office) and a fifth on the lowest level. The best surprise may be the big home theater downstairs, with a separate room for DVD storage and equipment and yet another private room in back that now hosts a teen's videogames.

(Worth noting: The lot size referenced in the 2011 post was less than 4000 sq. ft.; the newer listing called it 4546 sq. ft., a more conventional size, based on an appraisal.)

The run on the market in 2011 was just 3 months before the message from the market was clear: The home was not going to get anywhere near the asking price of $2.875M.

This year, they ran 6 months, but the market said, "OK, yes, can do."

So how does $2.9M stack up?

Here's a look at other sales in the Trees near $3M:

  • 1813 John (4br/5ba, 3550 sq. ft.), sale reported at $2.999M 
  • 2200 John (4br/4ba, 3800 sq. ft.), $2.875M 
  • 625 31st (4br/4ba, 3375 sq. ft.), $2.750M 
  • 664 33rd (5br/5ba, 3560 sq. ft.), $2.700M

Among those sales, prime locations are the norm. At 927 27th, you can't say that. But the home is markedly larger than the others, thanks to that basement.

Plus, it was available. At some level, you have to see that cramped inventory is helping everyone get a second look. Or, in this case, a sale that's in range of a peak-year high.

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