new construction

There are currently 198 blog entries related to this category.

New construction at 1817 Oak (5br/6ba, 3120 sqft.) has now completely smashed the prior record for prices on the street.

Oak ordinarily sees lower values because the street is the first block in off of Sepulveda. But sales activity on the street has been busy and values have reached new highs up and down the block.

The sale price on this bold, undersized and slightly different new construction was $2.699M.

You could note that the sale is $300K under asking, exactly 10%, but that's not the story.

The highest price ever for any home on Oak came 11 months ago at 1720 Oak (4br/4ba, 3470 sqft.), a spectacular remodel on the "wrong" side – backing up to commercial.

The sale price in October 2014: $2.227M. In that case, they got a ton more than the asking

It seems harmless – today – to overprice new construction while waiting for the market to (perhaps) catch up midway through the build.

Some East Manhattan new construction projects launched with hugely ambitious asking prices, and are now adjusting.

Take the mega number on 1131 6th (5br/5ba, 5025 sq. ft.). This is a new home due next year that's under way now. Location: A few doors in off of Sepulveda.

Asking in February 2015: $4.499M.

The prior top sales of new construction in East Manhattan:

  • 111 S. Meadows (5br/6ba, 4200 sq. ft., huge 9500 sqft. lot) at $4.000M in Oct. 2014 (the Sunset "Idea House"); a special case given the nature of the house and huge lot size
  • 1632 Voorhees (5br/5ba, 4500 sqft., 7500 sqft. lot) at $3.251M in June 2015; the…

Maybe we're not charging enough for our house, thought the sellers to themselves... Time for a price increase.

We've seen that around here from time to time.

Is that the case at 516 Marine?

Not really, but there was just a big price jump: From $2.600M asking to $3.699M. That's basically $1.1M (+42%).

They were already asking a pretty princely sum for the original 3br/2ba, 1600 sqft. house. (The 1960 build has some nice updates inside, but more can be done with this nearly 3000 sqft. lot.)

Comps for the property as-is seem to hover in the $2.2-2.3M range, but they were asking $2.6M.

The markup was surely partly about turning a quick-flip profit on a recent acquisition. The property sold just this past March for $2.150M, after some on-and-off NOD

There's only one way to say it: 2412 John (3br/3ba, 1890 sqft.) was an unconventional project for new construction in the Tree Section.

Situated on a prime block – although a tad close to Marine – the new home recently built here dared to be different.

And if you've ever been that weird kid, the nonconformist marching to your own drummer, the type who doesn't really much care how "everyone else" is doing things... then you could easily appreciate this revivalist mid-century marvel.

Actually you don't have to be all that different to smile warmly at a new, eco-friendly home that's bright, open, slick and modern, ready to go.

But the tut-tutting we've heard about this house came out of the fact that it was "undersized."

Oh, imagine that: Someone decided