Neighbors on 8th Make Deals

By Dave Fratello | April 2nd, 2010
In yesterday's wrapup of failed listings from years past that had returned and sold, we held off on mentioning 2 neighboring homes on the 8th St. walkstreet near downtown.

First up is 129 8th (4br/4ba, 3350 sq. ft.), a modern remodel that's quite sharp.

Side note: The original listing in 2008 said that nice re-do was a "million dollar remodel" performed in 2005. More recently the listing called it a "revitalizing remodel." Nice either way.

The listing launched at the bold price of $3.499m in early September 2008. Say what you will about that price, but it had a deal quickly.

Now, you may remember some awful things about September 2008. Perhaps one casualty of that financial market meltdown was the escrow at 129 8th, because it failed.

Another 4 months tolled, the price dropped a bit to $3.299m, but the listing quit in January 2009.

Then 2010 arrived, the listing was back at $2.995m, and it had a deal within a couple weeks. (It's still in escrow.)

No doubt it helped to shed the extra $300-500k from the price, but this has been a sunnier Spring all around. 129 8th was one of this year's earlier indicators among the higher-end listings.

125 8th (4br/3ba, 2150 sq. ft., including a separate guest unit over the garage) has none of the modernity or panache of its neighbor just up the block.

It's a mid-30s cottage that's cute but compromised. It could feel really small really soon.

The failed listing, which launched in May 2009, started high at $3.295m (see "Downtown Cottages at $3m").

The offering ran 5 months, reaching into the more active 4th quarter of the year. The price dropped 10% to $2.995m, but still there were no takers.

In early March this year, 125 8th re-launched at the last list price, $2.995m. As MBC noted in "Sand Lots Moving" 2 weeks ago, a buyer stepped up within 10 days. 

125 8th closed earlier this week for $2.725m, a tidy 9% discount from list, 17% off last year's start price.

That's probably close to lot value, given that the existing structure is not the draw at all.

As we wait for a closed sale next door at 129, there is an interesting question as to the land value on either property – remember, the modern next door was listed just $270k higher. Which is the better deal?


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